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JacquelynStephens
JacquelynStephens, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1
Experience:  CPA for over 20 years. Personal, corporate, & partnership taxation. Extensive experience in controllership accounting.
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how do I give one of my underage children a $5000.00 gift so

Resolved Question:

how do I give one of my underage children a $5000.00 gift so I can write it off my taxes and isn't it tax free income for him if it is a gift (unearned income)
Submitted: 2 years ago.
Category: Tax
Expert:  JacquelynStephens replied 2 years ago.

JacquelynStephens :

Hi, let me see if I can help you...

JacquelynStephens :

There is no way to write off a gift on a individual or business return. In order to write off a deduction the recipient must pick up the income on their return. A gift is not taxable to the recepient, however it is also not deductible to the donar.

JacquelynStephens :

Sorry, the donor, not donar LOL

Customer:

I have read in several locations that we can gift 13,000.00 (26,000) for couples filing jointly to family members to decrease are taxable income

JacquelynStephens :

Yes you can give those amounts without any tax effect to the recipient, however it is not a deduction from your current taxable income, however it does reduce your estate, and if your assets are large enough to be a taxable estate, it will reduce your overall estate tax in the event of your death.

JacquelynStephens :

And to clarify what I mean by "if your assets are large enough", is right now the gift tax exclusion amount is 5 million dollars. It is a common misconception that gifts are a tax deduction but they are actually a deduction from possible estate taxes, not income taxes.

JacquelynStephens, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1
Experience: CPA for over 20 years. Personal, corporate, & partnership taxation. Extensive experience in controllership accounting.
JacquelynStephens and 10 other Tax Specialists are ready to help you

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