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If someone gives me check for 200,000 that I deposit and I
Hi if someone gives me check for 200,000 that I deposit and I in turn right check to my daughter for 200,000. Do I have to declare as income or pay taxes? From what I read online I should not incur an… read more
emc011075
emc011075
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My daughter is 21 and she has a Cloverdell Educational
My daughter is 21 and she has a Cloverdell Educational Savings Account that we set up for her when she was about 3. It has $31,000 in it. My wife and I are in deep debt and my daughter is not going to… read more
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My parents want to help my daughter out with her student
My parents want to help my daughter out with her student loan debt. My father wants to use his money from some of his retirement accounts. In the past I believe he puts it into his joint checking acco… read more
Dr. Fiona Chen
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A parent wants to give their child $14,000. does the parent
a parent wants to give their child $14,000. does the parent or the child have to report this gift on their taxs? Can the parent in lue of writing a check to the child pay their bills in the amount of … read more
Lane
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If a parents investment matures and he receives cash of
If a parents investment matures and he receives cash of which he pays tax on. If he wants to give a child a monthly check, would the child have to pay taxes on that money--which would be a gift. If so… read more
Brian Michels
Brian Michels
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Bachelors of Business Administration
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We (myself and spouse) want to gift my 3 minor grandkids a
We (myself and spouse) want to gift my 3 minor grandkids a total of $28,000. this year. Can we write a check to their parents with their name in the memo section or does it have to be made out to the … read more
Mark Taylor
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Masters
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If a husband and wife want to give their daughter 40,000 in
If a husband and wife want to give their daughter 40,000 in her name From a shared banked account (wth all three of them) can they avoid paying a gift tax if the money is transfered into a life insura… read more
Robin D.
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I recently received a monetary gift from my aging parents.
I recently received a monetary gift from my aging parents. They called it an early inheritance. As I am currently living on a fixed disability income, it is certainly appreciated. But I don't want to … read more
Barbara
Barbara
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I noticed you're licensed to practice in Texas. I am
Richard, I noticed you're licensed to practice in Texas. I am from Texas and have family living there now. My question is based on the following theoretical scenario: If a daughter were to get a divor… read more
Richard
Richard
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Doctoral Degree
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Is there any age restriction when giving a cash gift of up
Is there any age restriction when giving a cash gift of up to $14,000? For example, can I give such a gift to a young child? If so, can the parent legally cash the check and deposit the money in the p… read more
Lane
Lane
JD, MBA, CFP, CRPS
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My wife's father pasted away on 1.25.15. We just received
My wife's father pasted away on 1.25.15. We just received his death certificate. He has $130,000.00 in his bank account with my wife being the beneficiary. He has no property or bill remaining. When s… read more
Richard
Richard
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Doctoral Degree
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My daughter, a US citizen, lives in Denmark with her husband,
My daughter, a US citizen, lives in Denmark with her husband, a physician. They are hoping to come to the US where he would have to go into a residency program in order to practice medicine in the US.… read more
Megan C
Megan C
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My husband & I want to give our son & daughter-in-law (the
My husband & I want to give our son & daughter-in-law (the son's wife) $45,000. I want to write a check to our son for $14,000 and another check to our daughter-in-law for $14,000. Then my husband wan… read more
Megan C
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My parents just sold their home and received $44,000 out of
My parents just sold their home and received $44,000 out of the sale. I'm going to buy my parents an $85,000 condo (under my name and mortgaged by me). They are providing $30,000 for the down payment.… read more
CFEPro789
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I am buying a house and my parents are helping with the down
I am buying a house and my parents are helping with the down payment. The 2013 gift limit is $14,000. I understand that my parents can each give a gift to me, my wife and my child for a total of 6 gif… read more
DanielleCPA
DanielleCPA
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Bachelor's Degree
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For LEV only : We are a family of husband , wife and 11
For LEV only : We are a family of husband , wife and 11 yrs old son living in US on US Green Card . Please clarify the below : (1) If the unearned income of my 11 yrs old kid is less than $1000 in a y… read more
Lev
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My question is about Parents gifting money to their Children. My
My question is about Parents gifting money to their Children. My Mother wants to give my brother and I each $12,500 which is the annual gifting limit. I have power-of-attorney and signing authority on… read more
PDtax
PDtax
Owner
Master's Degree
4,890 satisfied customers
How much can I gift tax free to my children per year
I have never given any gifts to my children. I understand I can give $20,000 per year per child. But someone told me I can do more than $20,000 per year and that I don't have to set up a separate bank… read more
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