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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33745
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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Re: current Ohio gifting laws the individual that has control

Resolved Question:

Re: current Ohio gifting laws

the individual that has control over my deceased mothers money states he can "gift" me 13,000 a year without me needing to pay any taxes on it. Is this true? If not, what gift amount is currently permitted in Ohio per year?
Submitted: 6 years ago.
Category: Legal
Expert:  Barrister replied 6 years ago.

Hello,

 

Any entity can gift up to $13,000 per year to anyone that they want to without incurring any gift tax consequences. Ohio follows the federal exemption for gifts so any amount over $13,000 per year would incur a federal gift tax on the entity making the gift. The recipient never has to pay any taxes on a gift as it is not considered income.

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thanks

Barrister

 

 

Customer: replied 6 years ago.

Is that 13,000 per calendar year or 365 days from the first gifting?

 

Expert:  Barrister replied 6 years ago.

It is based on a calendar year. So a gift could be made Dec 31, 2010 for the 2010 year and then again in Jan 1, 2011 for the 2011 year.

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thanks

Barrister

 

 

Barrister and 10 other Legal Specialists are ready to help you
Customer: replied 6 years ago.
Thank you so very much. You've put my mind at ease now. I greatly appreciate your assistance.
Expert:  Barrister replied 6 years ago.

You are very welcome.

 

Come back any time you have questions.

 

thanks

Barrister