So my father in law wants to give my SO 50k he has, so that if he passes the collectors won't get it. He's not in good health/drug user so he doesn't want it to go unused/ go to his ex wife or something like that. I was reading about how to fill out forms etc to legally transfer this money... Is there a limit to which we won't be taxed on it? Should we just take it and not fill out forms? Any guidance is appreciated!!
Gifts up to 15K are untaxed. Beyond that, use IRS form 709.
Frequently Asked Questions on Gift Taxes | Internal Revenue Service
Find common questions and answers about gift taxes, including what is considered a gift, which gifts are taxable and which are not and who pays the gift tax.
www.irs.gov