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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2054
Experience:  Certified Public Accountant
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I want to gift $28000 each to my son and daughter in law to

Customer Question

i want to gift $28000 each to my son and daughter in law to help them with a down payment on their first home purchase. Cquencesquences on these gifts?an I avoid tax conse
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: new york
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 12 days ago.
Category: Tax
Expert:  Mark Taylor replied 12 days ago.

Hi, my name is Mark. I will be happy to help you with your questions. Are you married?

Expert:  Mark Taylor replied 12 days ago.

Any gift to an individual that is greater than $14,000 would be considered a taxable gift. So if you gifted $28,000 to both your son and daughter-in-law. You would have a taxable gift of $28,000. This amount would reduce your lifetime exemption. The current gift and estate tax exemption is $5.45 million. So unless you made significant gifts in the past you would not have any tax impact. You would need to complete form 709 (gift tax return) but there would be not tax due. If you are married you and your spouse could gift $14,0000 each to your son and daughter in law. If this is the situation you would not need to file a gift tax return.

Expert:  Mark Taylor replied 12 days ago.

If this answered your questions I would appreciate it if you would take a moment to rate my response. There should be stars located above the question. This is the only way that I will receive credit for helping you today. If you have additional questions or need clarification I would be happy to continue the conversation. Thank you.