GravitySucks
Thinks s/he gets paid by the post
A question for all the smart folks here.
I started ACA this year to get me through the next 3 years but unfortunately over 90% of my funds are in an IRA. I want to gift my daughter around $60k for a house purchase. My regular brokerage account has a mutual fund purchased at $30k now worth $60k. If I gift DD the shares of the mutual fund will the $30k capital gains be counted against the MAGI limit?
Will DD be responsible for the capital gains taxes?
Any other ways around the MAGI limits im overlooking?
Thanks in advanced!
I started ACA this year to get me through the next 3 years but unfortunately over 90% of my funds are in an IRA. I want to gift my daughter around $60k for a house purchase. My regular brokerage account has a mutual fund purchased at $30k now worth $60k. If I gift DD the shares of the mutual fund will the $30k capital gains be counted against the MAGI limit?
Will DD be responsible for the capital gains taxes?
Any other ways around the MAGI limits im overlooking?
Thanks in advanced!