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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10097
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 MONEY CAN I GIVE TO MY ADULT DAUGHTER WITHOUT TAX

Customer Question

HOW MUCH MONEY CAN I GIVE TO MY ADULT DAUGHTER WITHOUT TAXES
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi,
There's no income tax (to either party) for gifts.
There CAN be a GIFT tax (a transfer tax) to the GIVER if they have transferred more than the lifetime exclusion of $5,430,000 in a lifetime.
If you give OVER $14,000 to a person in a tax year you should file the informational form (IRS form 709). There's no tax (again, unless you've already given that 5 Million plus away) but you file the 709 to report the gift and track against that lifetime exclusion.
So, to recap, no tax or reporting at ALL if the gift is less than 14,000. And then you file a form 709 if the gift is OVER 14,000 but no actual TAX until you've given away that $5,430,000.
Let me know if you have questions ...
lane
Expert:  Lane replied 1 year ago.
Hi,
… just checking back in to see how things are going.
Did my answer help?
Let me know…
Lane

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