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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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If I give my son and my spouse a $12000 gift each, do

Customer Question

If I give my son and my spouse a $12000 gift each, do I have to pay taxes on that money?
Submitted: 9 years ago.
Category: Tax
Expert:  MequonCPA replied 9 years ago.


If you make gifts totaling $12,000 or less within a calendar year to any individual, you are not required to file a gift tax return. If you make gifts in excess of that amount, you would need to file a gift tax return, Form 709. However, there would be no tax due until your lifetime taxable gifts exceed $1,000,000.


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