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In excess of $50K...

2006-06-23 03:28:44 · 8 answers · asked by wc007 2 in Business & Finance Taxes United States

To clarify: I want to give someone 50K without paying taxes (no gift tax). I would open an acct with both our names and then she can do whatever she wants with it.

2006-06-23 03:39:52 · update #1

8 answers

This will still be seen as a gift. There is an annual exclusion of $11,000 for gifts made to each person. There is also a lifetime exclusion of $1.5 Million. So the gift would not be taxable, but you would be using up part of that lifetime exclusion and any future gifts or your estate may be taxable (estate and gift taxes use the same exclusion).

2006-06-23 04:00:33 · answer #1 · answered by Tax Man 2 · 0 0

Are you talking about avoiding "gift tax?"
Do you know that you are allowed to give $11,000 per year tax free to whomever you want to - you do not pay any taxes on that amount and neither does the recipient.
Theoretically, you could open a joint account and give the other person total control over it.

2006-06-23 03:34:01 · answer #2 · answered by ps2754 5 · 0 0

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2017-01-02 05:58:37 · answer #3 · answered by Anonymous · 0 0

what do you mean? put 50k in a joint checking account? that will do nothing. it's not a charitable donation so it won't give you a deduction. if you're looking for someone to give a charitable donation of 50k i'm always available. your taxes are based on your income and then they are lowered with exemptions and deductions.

2006-06-23 03:35:11 · answer #4 · answered by gumby 7 · 0 0

NO NO NO....you can only give up to $11K and then it has to be a family member for them to not pay taxes on it

2006-06-23 03:37:38 · answer #5 · answered by cookiesmom 7 · 0 0

I think IRS will come after for evading taxes

2006-06-23 03:32:13 · answer #6 · answered by KAK 1 · 0 0

i think u can
i have done it in the past
and never pay taxes on savings interest

2006-06-23 03:32:36 · answer #7 · answered by Anonymous · 0 0

nope this is illegal....sorry, you must play by the rules just like the rest of us

2006-06-23 12:01:53 · answer #8 · answered by ari_is_me 3 · 0 1

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