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What gift amount can be given per person per year without…

Customer Question
What gift amount can...

What gift amount can be given per person per year without gift tax applied?

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

Can father give daughter $45,000 per year without gift tax necessary?

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

No -- just wondering what the maximum gift can be in a family.

Submitted: 3 months ago.Category: Tax
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Answered in 1 minute by:
12/26/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,007
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane ...

I hold a law degree, 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, since 1986.

Bear with me just a moment and I’ll provide my initial response and then we can go from there if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

The gift/estate lifetime exemption is $5,490,000. So unless you've given away more than that, there will be no tax unless your gifts have exceeded that number.

...

However the amount that you can give (per person, per year) is 14,000 without being in the system at ALL. (This is called the annual exclusion ... completely excluded from taxation OR reporting.

...

If you DO give more than that, (14,000) to any person during the tax year, you'll need to file a form 709 (gift tax return) to track against that lifetime exemption.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

As an example, you could give 14,000 this year and 14,000 after january 1st and there would be no reporting at all.

...

And if you're married, you could each give 14000 this year, and 14,000 again after the 1st ... allowing you and a spouse to give 14000 X 4 = 56000 in the next two weeks .. without any ... and without any reporting.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Please let me know if you have any other 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 will compensate me for the work here.

...

But if you need more on this, please let me know.

Lane

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Hi,

...

I’m just checking back in to see how things are going.

...

Did my answer help?

Please let me know if you have any other 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 will compensate me for the work here.

...

But if you need more on this, please let me know.

Lane

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,007
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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