How much money can a person give to his adult child without the child having to pay taxes?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How much money can a person give to his adult child without the child having to pay taxes?
Asked on December 13, 2013 under Estate Planning, South Carolina
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
You can find the information regarding gift taxes and exemptions through the Internal Revenue Service. The amount may change each year but I believe it is about $14,000.00. The IRS has free circulars and information on this subject and would be able to give you the full details, including other items you may need to consider in this area of possible taxation.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.