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Richard
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my father is gifting me $13,000 for 2012. does that effect

Resolved Question:

my father is gifting me $13,000 for 2012. does that effect either his taxes or mine when we file at the end of the year??

can he do the same for 2013.
when is the last day he can do this for 2012 and the first time he can do this for 2013..

thank you jerry jeffkin
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard replied 1 year ago.

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. This will have no impact on taxes for either of you. And, because the $13,000 falls under the annual gift exclusion, you also have no reporting requirements. He can give $13,000 per person per calendar year with no tax or reporting requirements on either party. The last day for the 2012 gift is December 31, 2012. The first day for the 2013 gift is January 1, 2013.



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Richard, Attorney
Category: Business Law
Satisfied Customers: 45645
Experience: 32 years of experience practicing law and a businessman.
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