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Started By
Message
gift tax question
Posted on 7/31/13 at 11:09 pm
Posted on 7/31/13 at 11:09 pm
can my dad give me $14,000 now and then $6,000 in January tax free? or would he have to wait till August of '14
tia
tia
8
Posted on 7/31/13 at 11:20 pm to LSU6262
I may be mistaken, but I thought it was $10K per calendar year...
Posted on 7/31/13 at 11:26 pm to LSU6262
quote:
can my dad give me $14,000 now and then $6,000 in January tax free? or would he have to wait till August of '14
Will defer to the experts but I'm pretty sure you can do 14k now and 6k in Jan.
Posted on 8/1/13 at 7:29 am to LSU6262
I would think it is $14k per calendar year, so that should be fine. But you could always just open a joint bank account and have him deposit $20k I would think?
Posted on 8/1/13 at 7:52 am to slaphappy
quote:It used to be $10K but it has increased.
I may be mistaken, but I thought it was $10K per calendar year...
Posted on 8/1/13 at 7:52 am to LSURussian
I think it's $13k for him and $13k for your mom so tell them you want $26k.
This post was edited on 8/1/13 at 7:53 am
Posted on 8/1/13 at 8:05 am to LSU6262
Not cerain on the question at hand, but I think the limit is $14,400 which increases periodically. January seems like the answer to your question though.
Posted on 8/1/13 at 8:32 am to Oenophile Brah
Calendar year. You can give it to him on December 31 then on January 1.
ETA: I think he can actually give it all to you now and the extra $6k would go against his exempted amount, which unless he has a quite large estate it won't matter.
ETA: I think he can actually give it all to you now and the extra $6k would go against his exempted amount, which unless he has a quite large estate it won't matter.
This post was edited on 8/1/13 at 8:38 am
Posted on 8/1/13 at 8:33 am to LSU6262
Jesus, what for? I'd be pumped if my parents gave me $50. 
Posted on 8/1/13 at 9:32 am to LSU6262
Your dad AND mom can each give you the max gift amount per year.
Posted on 8/1/13 at 10:04 am to LSU6262
Actually he can give you $5.25 million right now and it not result in any taxes on anyone.
Posted on 8/1/13 at 1:19 pm to JPLSU1981
Best thing to do is have him give you whatever amounts he wants, say 20,000, and write up a loan schedule for the money to be repaid, and just never pay it back. No gift tax returns have to be filed, so no one will be looking.
Posted on 8/1/13 at 1:24 pm to LSUMon
quote:
Best thing to do is have him give you whatever amounts he wants, say 20,000, and write up a loan schedule for the money to be repaid, and just never pay it back. No gift tax returns have to be filed, so no one will be looking.
No gift tax return has to be filed for any gift that qualifies for the annual exclusion. Also, the loan thing is a terrible idea. It has become a red flag that is commonly snuffed out. Don't do that shite. 14k now, 6k at any time in 2014.
Posted on 8/1/13 at 1:27 pm to Bear Is Dead
quote:
Also, the loan thing is a terrible idea. It has become a red flag that is commonly snuffed out.
Out of curiosity, how is this a red flag and how/who is commonly snuffing this out? Not arguing just wondering.
Posted on 8/1/13 at 1:31 pm to Bear Is Dead
quote:
Also, the loan thing is a terrible idea. It has become a red flag that is commonly snuffed out.
I'm not buying this. Even so, what about my joint bank account idea?
ETA: And why should the gov't get a cut of a parent giving their child money? Is that really taxable?
This post was edited on 8/1/13 at 1:32 pm
Posted on 8/1/13 at 1:31 pm to LSU6262
The limit for 2013 is $14,000. However, each of your parents can give you that amount and not have to pay tax on it. So, yes as long as you still have a mother, your parents could give you up to $28,000 in 2013 and not pay taxes on it.
Posted on 8/1/13 at 1:37 pm to JPLSU1981
quote:
Actually he can give you $5.25 million right now and it not result in any taxes on anyone.
Where do you even come up with something like this?
This post was edited on 8/1/13 at 1:38 pm
Posted on 8/1/13 at 1:42 pm to PurpleAndGold86
Estate?
Posted on 8/1/13 at 1:47 pm to TheDiesel
Which had nothing to do with the question being asked.
Posted on 8/1/13 at 2:04 pm to LSUMon
quote:
Out of curiosity, how is this a red flag and how/who is commonly snuffing this out? Not arguing just wondering.
First, you have to actually charge interest, and the debtor must pay on it, or else it is a 20k gift.
Second, you would have to report it as a debt when you applied for a mortgage or borrow money, which is dumb because it would throw your income/debt ratio out of whack, for no good reason.
And the IRS can commonly sniff this out if you were ever audited.
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