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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
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Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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How large a "non cash" gift can be accepted from a parent without

Resolved Question:

How large a "non cash" gift can be accepted from a parent without reporting for tax purposes? ie pay to have house remodeled
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

NPVAdvisor :

Hi,

NPVAdvisor :

Gifts are valued at fair market value

NPVAdvisor :

So the amount of remodeling costs paid in one tax year (to one person) should be under 14,000 NOT to require that a gift tax form be filed

NPVAdvisor :

However, if there is a spouse here, and the gifts are made to each person individually, before paying for the remodeling, that would get you to 28,000 for the household

NPVAdvisor :

And finally, the 14,000 annula gift tax exclusion is per person, from the giver's perspective as well ... si Each parent can give 14,000

Customer:

Thank you. That answers my question.

NPVAdvisor :

One other thing to note: ... (you may already know this) ... The lifetime gift & estate tax exclusion is $5,250,000 for one who dies in 2012 (and will continue to rise each year) , so IF there are gifts made OVER 14,000 per year, per person, thereis still no gift or estate tax owed until the gifts (plus that last gift, the estate transfer) reach the lifetime exclusion amount

NPVAdvisor :

You're welcome

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4491
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and 7 other Tax Specialists are ready to help you
Expert:  Lane replied 1 year ago.

Thanks for the rating Nate!

If you'd like to work with ME again just say "For Lane only," at the beginning of your next question.

Thanks again,
Lane

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Lane
Lane
JD, MBA, CFP, CRPS
3630 Satisfied Customers
Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986