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Live in Va. mother with Alz. disease. Do not want her

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savings used for nursing home...
live in Va. mother with Alz. disease. Do not want her savings used for nursing home payment....how much can she gift money to daughter and granddaughter
Submitted: 2 years ago.Category: Tax
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8/7/2015
Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,024
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** it will be my pleasure to assist you with your tax question today.
There is no limit to the amount that she can gift to her daughter and granddaughter. However, if any gift is more than the annual limit of $14,000, there is a REPORTING requirement. The gifts would be reported on Form 709.
http://www.irs.gov/uac/Form-709,-United-States-Gift-(and-Generation-Skipping-Transfer)-Tax-Return
No tax would be due unless the mother has used her lifetime cap of $5.43 million.
Of course, there is no tax liability for the daughter and granddaughter because gifts are not taxable income in the U.S.
Please let me know if I can assist you further.
Thank you and best regards,
Barb
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Tax Professional: Barbara, Enrolled Agent replied 2 years ago
At my end, it shows you are now offline. If you have any other questions or concerns, please come back to me here at your convenience, and I will be happy to assist you. If not, please take a moment to rate my answer since that is the only way I receive credit for answering you and alerts Just Answer to compensate me.
Best regards,
Barb
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