Cohousing-L Mailing List: Gifts & Bequests - Tax Implications

[Mary Kay Doyle (marykaydoyle]

This is for all the financiers out there. I am the treasurer for a small (18
homes) cohousing POA in rural North Carolina. We received a generous cash
gift ($2,500) from a member for the designated purpose of rehabilitating one
of our common buildings. There are also several members who have decided to
include bequests to Elderberry in their wills, both cash and property.

 

Has anyone received a property bequest or any sizable (>$1,000) cash gift?
How did your treasurer/accountant handle it?  Did you have to pay taxes on
it? Does the IRS consider property and/or cash gifts taxable income? I am
getting conflicting information in my research.

 

Thanks in advance for sharing your experience!

 

Mary Kay Doyle

Elderberry Village POA

Rougemont, NC

https://www.elderberrycohousing.com/