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If I Give my son my son more than $14,000 this year do

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If I Give my...

If I Give my son my son more than $14,000 this year do either of us pay a tax on the portion over $14,000? Do we report the amount over $14,000?

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If I give my son more than $14,000 in one year do either of us pay/owe a gift tax? Where does the $550,000 limit come in?

Submitted: 8 months ago.Category: Tax
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Answered in 4 minutes by:
9/12/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,230
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi My name’s Lane - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

...

The annual gift tax exclusion is the amount that one can gift (to as many individuals as they would like) without having to report at all ... the amount is totally EXCLUDED from the system.

...

The lifetime EXEMPTION ($5,490,000 for those dying in 2017) is the amount that one can give in a lifetime without any gift or estate tax.

...

It's when you give MORE than 14,000 that you need to file form 709 to track AGAINST that lifetime exemption. But no tax is due ... you're just no longer "flying under the radar," so to speak. By giving MORE than 14,000 it's not completely excluded.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago

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

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

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