How do we claim inheritance tax if the parent is still alive?

My father wants to leave me the value of some property he is selling ($90,000), and since it's all he owns and he was going to leave me the property in his will anyway, he says it's inheritance and we know people who have left their children inheritance while they're still alive. So my question is, how would we claim this as inheritance and not a 'gift' under the IRS? Do we need to fill out a form? Does he have to be dead for this to take affect? Is there a limit on how much you can claim as inheritance?!How do we claim inheritance tax if the parent is still alive?
You can't inherit from someone who is still alive. If he gives it to you now, it's a gift - he'd have to fill out a gift tax return, although he wouldn't owe any money as a gift tax, and your basis will be what his is if and when you sell it. If he leaves it to you in his will, then it doesn't take effect until he dies, but your basis becomes the value at that time.





No limit on inheritances, but there's a limit where over than you'd pay tax, but it's $2 million now so you're well below that.How do we claim inheritance tax if the parent is still alive?
You DON'T. An inheritance IS a gift under US tax law.
Have your father and you set up a ';Trust Fund.'; While he is


';still living of sound mind and body.';


That way, when he dies, you won't have to pay ';Inheritance


Tax'; on it because, having the Trust Fund. You already own it


with your father.


Talk to a legal advisor or your tax man.


Yes, you will need to fill out a form with your lawyer, and it has


to be witnessed by others ';not related'; to eliminate the


';conflict of Interest.';


$90,000 thousand dollars sounds like a lot, but if it's not


invested wisely. ';It will be gone.'; %26lt;}:-})

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