International Law Attorney
If the gift is cash and does not generate income, in general you are not subject to gift tax. Only the donor is subject to gift tax. Please consider to hire a estate and tax attorney. Best.
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Unless you dad has used up his lifetime exclusion amount and there is a net gift agreement (mean the gift pays the tax), you will not owe any taxes. Gifts are the obligation of the donor and after the 14,000 annual exclusion, the donor has a lifetime exemption of $5.25M. Gifts do not create income.
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I agree with my colleagues that you would normally not need to pay any tax on this gift. Of course, there are situations when that is not the case. You would not pay gift tax because gift tax, if there is one, is paid by the donor.
But you would generally receive a "carry-over basis" in the gifted assets, (which is what your dad paid for them). If you later sell the assets at a gain, you would pay income tax on this. You might also have estate taxes, if your estate is very large.
So the best advice is to consult with your own lawyer to determine what tax ramifications you have, if any.
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As long as you are both US citizens/taxpayers then you have the benefit of the US gift tax rules which have the gifts taxed to the donor (your dad) and not to you as the recipient. However, you need to be mindful of the type of gift too. If it is cash, then there is no further concern by you as long as your dad reported it properly on Form 709, or if it was from his estate, then on the Form 706. If you received property (not cash) then you receive the tax basis from your dad as well as the tax holding period, and when you sell the item you will need to report any taxable gain you earn at the time of sale.
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