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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55275
Experience:  29 years of experience as a tax, real estate, and business attorney.
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My daughter is getting married this year. How much of the

Customer Question

My daughter is getting married this year. How much of the cost can we cover in 2015 without tax considerations?
Submitted: 1 year ago.
Category: Tax
Expert:  Richard replied 1 year ago.
Hi! My name is ***** ***** I look forward to helping you!
Can you clarify your question a bit for me? Are you worried about gift tax? Thanks.
Expert:  Richard replied 1 year ago.
Hi...Since you didn't respond to my information request, I wanted to make sure you received it. Let me know if I need to post it again. Thanks.
Customer: replied 1 year ago.
My daughter is getting married this fall. To what extent can we help financially without tax consequence for her. We hope to spend $100,000 for the wedding on her behalf. We've already given her $14,000.
Expert:  Richard replied 1 year ago.
Thanks for your response. You have no need to be concerned about tax consequences. Recipients of gifts are not subject to gift tax. And, there would also be no gift tax imposed on your. Each you and your wife can give $14,000 per year per person under the annual gift exclusion. IN ADDITION TO THAT, for any amounts in excess of the $14,000 in a year, each person has a $5,430,000 lifetime exemption....which means each you and your wife can give a cumulative amount of up to $5,430,000 in gifts over and above the $14,000 annual gift exclusion amount without incurring gift do need to file a gift tax return to let the IRS know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative additional gifts have exceeded the $5,430,000.
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