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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14008
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Good morning mr Phelps My wife and I wish to gift,or loan

Resolved Question:

Good morning mr Phelps
My wife and I wish to gift,or loan my son under 100k
What does a promissory note need to include so we may avoid
Any taxes whether federal or gift
For example
Interest,structured repayment schedule etc.
Submitted: 10 months ago.
Category: Tax
Expert:  Megan C replied 10 months ago.

Megan C :

Thank you for your question, my name is XXXXX XXXXX I will be happy to help you

Megan C :

Your requested professional is not online.

Megan C :

You can gift your son up to $14,000 each ($28,000 total) without having to file a gift tax return.

Megan C :

If you gift him over that, you would have to file a return, although no gift tax is due whatsoever unless you have given away more than $5.2 million during your lifetime.

Megan C :

If you wish to loan your son the money, then no disclosure is needed to th eIRS

Megan C :

You would simply create an agreement which states the loan amount, interest rate, and payment schedule.

Megan C :

But to reiterate, there is no tax if you gift your son money if you have not gifted over $5.2 million during your life.

Megan C :

If you want this to be a loan you would need a promissory note with the loan amount, interest rate, and repayment schedule.

Megan C :

If you gift $28,000 or less ($14,000 for each you and your wife) there is no need to do anything - not even file a gift tax return

Megan C :

do you have any questions about this matter? If not, please rate positive so that I may receive credit for assisting you today

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14008
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 6 other Tax Specialists are ready to help you

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