[USER]

Hello everyone, my dad is going to give me 100k (maybe less) and he is telling me to open a business savings account to put it there, but what do y’all recommend, I don’t want to get taxed that much, and I would also like to invest it but I am clueless, please help.

[Hunter]

Missing a lot of context here. Do you have a business? I don’t think it’s a good idea to be given $100k anyways due to gift tax.

[Shawn]

Do you have a business? Is this a gift or in exchange for something the business is providing. Business savings accounts are generally worse than those offered to individuals. Gifts are not taxable but your dad will have to file a gift tax return if he gifts you more than $18,000.

[Jen]

If you don’t have a business with an EIN number (like a social security number for a business) you won’t be able to open a business account.

[Author]

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