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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 9750
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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How much cash may a parent gift to an adult child in one year

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How much cash may a parent gift to an adult child in one year an be exempt from taxes.

NPVAdvisor :


Customer: Hi.
NPVAdvisor :

There are really two amounts that are important (1) the annual gift exclusion (the amount that any one person can give as many people as they want and not even have to file or track, report or pay tax) which i $14,000 ... and (2) The lifetime gift and estate tax exclusion, wheich is %5250,000 for 2013 and will increase every year

NPVAdvisor :

(sorry for the typos) ..... But if someone gives more than 14,000 to a person then a gift tax form must be filed (which is used to track and accumulate the amounts given during life, to be sure that person doesn't give away more than the lifetime exclusion)

Customer: That answers my question. Thank you.
NPVAdvisor :

Under 14,000 per donee per person per year (no tax no reporting)

NPVAdvisor :

You're welcome

NPVAdvisor :

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.

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NPVAdvisor :

Can I help with anything else on this this evening?

Lane and 2 other Tax Specialists are ready to help you