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Is a monetary gift to my son taxed? I am 86 years old and…

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Is a monetary gift...

Is a monetary gift to my son taxed?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I am 86 years old and want to give my son 30 thousand,dollars to help him buy a automobile.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Will I be taxed if I take out my saved money (TIAA CREF) to furnish him thirty thousand dollars to buy a car?

Submitted: 1 year ago.Category: Tax
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1/4/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,387
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

This gift puts you in 2 situations for tax.

The first is the reporting of the gift by you because it is over the annual allowed amount ($14,000). You would have to report the gift but no real tax to pay under gift tax as long as you have not used up your lifetime allowed amount ($5.45 mil). Form 709 would be required.

If you take money out of your TIAA that was deferred (no tax paid when contributed) you will be taxed on that amount. It does not matter that you are giving this distribution to your son.

Please let me know if you need clarification. If you do not then a positive 5 star rating is appreciated so I get credit for the response. (look for the STARS or SMILEY FACES)

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Hello, I am checking back to see if you required clarification.

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