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Eric, Financial Manager
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Should cash gifts be reported as income I am considering giving

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Should cash gifts be reported as income? I am considering giving $15,000 to my daughter for her purchase of an apartment in Germany where she lives and works.

Eric :

I appreciate the opportunity to help!

Eric :

You may give any one person up to $13,000 in total gifts without filing a gift tax return (from 2009 – 2011). This limit includes all gifts for the year, not just money or property. It includes birthdays, graduations, holidays, etc. If you give over this, you would be required to file the gift tax return. In terms of her needing to report this as income, I believe there is a tax free gift allowance up to

each EUR 400.000

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