My dad is in his 70s. He’s needed help the past few years so I’ve given him ~55k to date. He’s finally able to sell a property and wants to give me the money back.
He only gets SS at $2278/month. Does it make more sense for him to drop the 55k in a Roth account (I’ll pay the taxes on it since he’s in a lower tax bracket), Have it just grow tax free and I’ll just inherit later? That way also it’ll be growing in case he needs it again?
I’ve given him the funds via so many methods I’m worried now it’s going to open a can of gift tax worms.
u/Brief_Appointment366 — 6 days ago