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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11821
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I am retired and 73 years old. Can I gift my son 10,000

Customer Question

I am retired and 73 years old. Can I gift my son 10,000 dollars each year with out having it increase my income?
JA: What state are you in? It matters because laws vary by location.
Customer: New York State
JA: Has anything been filed or reported?
Customer: It's not for this year's taxes. Those are finished. It would be for next year's taxes.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 2 months ago.
Category: Tax
Expert:  Lane replied 2 months ago.

Hi. My name's Lane.

...

Yes, you can. Gifts's don't affect INCOME tax at all.

...

There CAN be a GIFT TAX (a transfer tax).

...

In 2017, the lifetime gift tax exemption is $5,490,000 (increased from $5,450,000 in 2016).

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And if you keep annual gifts below 14,000 (the annual exclusion) there no need to file a gift tax return (which tracks against that $5million+ lifetime exemption.

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The 14,000 DID start at 10,000 but has been indexed over time and is now $14,000 ... again, the amount that be COMPLETELY excluded, with no tax due AND no reporting required

Expert:  Lane replied 2 months ago.

Please let me know if you have ANY questions at all, before rating me.

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Thank you!

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents since 1986.