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Gift Tax Regulations

Gift tax is a tax on the transfer of property or money from one person to another while receiving nothing, or less than full value, in return. Also if a person makes an interest-free or reduced-interest loan, this may also be in some cases a gift. Below are some of the most commonly asked questions about Gift taxes answered by the Experts.

How much money can a person receive without paying taxes?

In most cases a person can receive up to $13,000 per year as a gift without the giver filing a gift tax return.

What would be the best way for a person to give their grown child $100,000 as a gift?

Most generally a person can gift $13,000 to the child and another $13,000 to their spouse if they are married every year; also if a person is married then their spouse could do the same for the child and their spouse. If a person goes over the annual gift tax they will be required to file a gift tax return but will have no gift tax due until the lifetime gift tax exclusion, (which is currently $5,120,000 in 2012,) is reached.

Is a gift tax occurred if a person changes their Uniform Transfer to Minors Account (UTMA) with their 23 year old child into a joint account?

In most cases since the child is over the age of 21 that child has the right to withdraw all of the funds from the account. If the funds are jointly tied to your names then these funds are not a gift until the parent withdraws money from the account. If the amount exceeds $13,000 in one year then the child must file a gift tax return, however the child would not have to pay the tax until the lifetime gift tax of $5,120,000 is reached.

How would a person determine the value of a property that they would like to gift to their child, and would either the parent or child be responsible for gift taxes?

Typically an appraisal would be the first step; a person could use the tax appraisal value or could get a letter of valuation from a local realtor. There should be no gift tax consequences since each donor can give $13,000 per year per person annually as their gift exclusion. In addition each person has a $5,120,000 lifetime exemption without incurring gift tax. However the donor must file a gift tax return to let the Internal Revenue Service (IRS) know how much of the lifetime exemption is being used.

If a person gifted a car valued at $10,000 to a friend or relative would they be able to write off a percentage of the car on their tax return?

Most generally a taxpayer can exclude the first $13,000 given to any one they wish in the calendar year. However they cannot deduct any of the value of the car since a gift to an individual is usually not tax deductible.

When a taxable gift in the form of cash, stocks, real estate, or other tangible or intangible property is made the tax is usually imposed on the donor unless the transfer is completely gratuitous where the donor receives nothing of value in exchange for the gifted property. When this occurs a person would be wise to keep informed of the different rules and regulations imposed by the IRS on the taxpayer. Inevitably these rules and regulations will bring questions that need answering by the Experts.

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Tina, Lawyer
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Recent Gift Tax Questions

  • I have given my niece approx. 14K this year............helping

    I have given my niece approx. 14K this year............helping to pay her rent, utilities, etc. She is a 42 year old single mom going back to school and now entering LVN Nursing school. I am going to move her to Little Rock and help with her finances in 2015.
    Can I report this 14K as a gift tax without any IRS repurcussions? What type of proof do I need? I have sent checks made to her, and sent cash to her Credit Card account....cancelled checks and receipts from moneygram transfer. Will this suffice?
  • My father has stage IV cancer. I have worked in our family

    My father has stage IV cancer. I have worked in our family business for 30 years. He has left everything to me in his Will and including the business which I will hold 100% of the stock upon his passing. His ex-wife has recently pooped back into his life, she signed a prenuptial agreement before they married in 2010 and they divorced in 201. She left before the 6 months was up (in which she would be entitled to $75,000.00) she cam back and stayed 2 additional months and then they divorced. She got the 75K and took her previous married name back. She is living with my father now that he has been diagnosed with terminal stage IV lung cancer and says she NO ONE will make her leave now! The house is in the business name and I have Dual Power of Attorney over my father. He is still able at this point to make pretty good decision and I would never want to take that away from him, unless I was forced. She is on nothing at the business. He has left her nothing in the Will. But she does draw a paycheck every week from the business and has single health coverage through our business. Is there any way she can get anything if my father should pass?
  • Hello and good morning. My name is***** I live in

    Hello and good morning. My name is***** I live in the state of Colorado. Hopefully I will be concise and articulate. My husband Andy and I moved in with my mom in 2004 after she had some serious illnesses. We all lived in her house that she owned. We all moved to Colorado and my mom sold her house in Ca and bought one here in Colorado Springs. When she bought the house for approximately $400,000 dollars she put my name and my husband's name on the deed even though we did not put in a penny to buy the house. My husband and I signed over the house totally to my mom via a quitclaim deed last week. Are we going to deal with gift tax or estate tax because of this?
    Thank you Debbie Smith
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