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RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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I have $40,000 that i want to give to my oldest (of three)

Resolved Question:

I have $40,000 that i want to give to my oldest (of three) daughters to keep for me until I need it. What kind of tax complications will this cause? Gift tax or income tax or what?
Submitted: 6 years ago.
Category: Tax
Expert:  RD replied 6 years ago.
If you are giving this money to her and will get it back in future than this is not considered a gift. Loan given to someone is not taxable.

Hence, if the intention is to give the money for safekeeping and to get the same back in future than there will be no tax - income or gift- applicable to this situation.

Let me know if you have any question.

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

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