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how much can I give my granddaughter money as a gift without

Customer Question
paying taxes?...
how much can I give my granddaughter money as a gift without paying taxes?
Submitted: 5 years ago.Category: Tax
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11/27/2011
Tax Professional: geedubya55, Certified Public Accountant (CPA) replied 5 years ago
geedubya55
geedubya55, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 358
Experience: 17 years experience in business and individual taxation specializing in small business and farming
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As far as income tax, gifts have no effect. Gifts of any amount are not taxable to the receiver nor deductible to the giver.

 

However, there is a totally separate tax called the gift tax. If you gift more than $13,000 per person per year, then you would need to file a gift tax return. Filing the return doesn't necessarily mean you would owe tax because you have a lifetime gift and estate tax exemption that is currently set at 5 million dollars.

 

If your gift is $13,000 or less, there is no need to report anything as gift tax or income tax.

 

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geedubya55, Certified Public Accountant (CPA)
Category: Tax
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Experience: 17 years experience in business and individual taxation specializing in small business and farming
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