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We had an auction sale equipment if we give part of the

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we had an auction sale...
we had an auction sale for farm equipment if we give part of the proceeds to our children do they have to pay tax on it
Submitted: 2 years ago.Category: Tax
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12/2/2015
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Q: we had an auction sale for farm equipment if we give part of the proceeds to our children do they have to pay tax on it

A: No, the proceeds to your children can be treated as a gift. If the amount is less than $14,000 that you give each child, you don't have to report it, nor does the person receiving the gift have to report it. The current gift rule is that a U.S. person can gift another U.S. person $14,000 per year without creating a taxable event.

Let me know if I can be of further assistance to you regarding this matter.

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