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Message
5
Posted on 1/14/22 at 7:26 am to Ash Williams
quote:
Maybe CPAs on here can address this, but would he have to pay a gift tax on every dollar over $15k?
If he was slowly over 20 years putting into an account in her name, maybe not?
Posted on 1/14/22 at 7:30 am to Ash Williams
Depends on how he set it up. It could have been in a trust FBO. Could have been a 529 plan. Could have been a UTMA.
Posted on 1/14/22 at 7:43 am to Ash Williams
No, there is no tax on that money, just a reduction in the dads estate exemption.
Posted on 1/14/22 at 8:06 am to Ash Williams
quote:
Maybe CPAs on here can address this, but would he have to pay a gift tax on every dollar over $15k?
You are assuming that he didn’t put his contributions to her annually in a trust.
But that’s moot. If you give more than 15k, it just means you have to report it.
It counts against your lifetime 11 million or so exemption limit. (Which also is the same bucket to avoid inheritance taxes).
So no, he didn’t have to pay taxes on it.
Posted on 1/14/22 at 1:13 pm to Ash Williams
Not a CPA but what I have researched about this subject before is that parents (married) can give up to $30K a year or $300K but cannot give anymore for 10 years.
This post was edited on 1/14/22 at 1:19 pm
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