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I wish to give my daughter some money as a gift from my retirement

money. The maximum gift...
I wish to give my daughter some money as a gift from my retirement money. The maximum gift amount is $14,000 a year. What tax implications are there, if any
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Answered in 14 minutes by:
6/21/2013
Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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Thanks for choosing JustAnswer.com! I will do my best to provide you with a clear and concise answer to your tax question based on the information that you have provided.

You are correct any individual can give 14,000 dollars a year per individual or organization without being required to file a gift tax return.

If the gifts to one individual exceed the 14,000 dollar exclusion, you would need to file a gift tax return related to the gifts given to that individual. However, even if you file a gift tax return, you can apply your lifetime estate/gift exclusion of 5.12 million dollars to avoid paying any tax on the gifts that are more than the 14,000 dollar annual exclusion.

The money you pay your daughter is not taxable to your daughter, or deductible to you on your income tax return.

If there are other questions, please reply to this answer so that I may assist you further. If this answers your question, please rate my performance between OK and Excellent Service so that I may assist you further. Thanks for your business.
Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
Verified
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