2006-08-02 07:03:54 · 11 answers · asked by foxy lady 1 in Business & Finance ➔ Personal Finance
I think that it is three thousand per year for lifetime gifts.
2006-08-02 07:48:44 · answer #1 · answered by Veritas 7 · 0⤊ 1⤋
If you are over 60, you may want to check with the new Medicare/medicaid rules. There has been some reports that you can be penalized if you distribute your assets and then try to get medicare to cover medical benefits. I'm not sure how this works but you may be more helpful to your children if you actually pay a bill for them, rather than just handing them cash payments.
Please check into it before you proceed.
2006-08-02 15:18:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋
......why do people answer when they don't have an answer????
Here is a site (IRS)
You can gift $12k to as many people as you want. If you are married, your spouse can gift $12k to as many people as he wants. IE, each of your kids can receive $24k with no tax consequence for tax year 2006. You can gift more, but then you pay gift tax.
Here is the site:
http://www.irs.gov/formspubs/article/0,,id=112782,00.html
2006-08-02 14:26:01 · answer #3 · answered by tsbr1963 6 · 0⤊ 0⤋
if u have some extra $$$$, you can pass some on down this way.
we surely could use a financial blessing in our lives right now. this is on the serious side. not kidding around here. maybe god will put it in your heart to help us out, even with a small portion. that would help us out a great deal !!!
i think anything less than 25k. years ago we were blessed with 25 k to purchase our homes & i know for a fact that we weren't taxed on that amt.
god bless u, & here's my email address just in case god speaks to your heart.
www.mamalu69@yahoo.com
or mamalu69@yahoo.com
take care & god bless.
hopefully your children will appreciate what you're doing for them & what you're going to do for them. i would. may god continue to bless you & your life so you can bless others as well as your children. that's a blessing in itself.
2006-08-02 14:13:16 · answer #4 · answered by lu 3 · 0⤊ 0⤋
Go to your bank and invest in Tessas for them one for each child. They are Government investment bonds specifically for children. Think the upper limit is £5,000, but don't quote me on that.
2006-08-02 15:14:15 · answer #5 · answered by lordcomplexity 2 · 0⤊ 0⤋
I must congratulate you on getting give in a question 3 times!
2006-08-02 14:07:51 · answer #6 · answered by Mungo 3 · 0⤊ 0⤋
Do a trust fund foxy lady for your children
2006-08-02 14:12:54 · answer #7 · answered by neil e 1 · 0⤊ 0⤋
I believe you can give up to $10000 each to them tax free...I'd consult your CPA. PEACE!
2006-08-02 14:08:31 · answer #8 · answered by thebigm57 7 · 0⤊ 0⤋
ask a bank/building society about child trusts.... shouldn't pay tax.. only incurr interest
2006-08-02 14:09:09 · answer #9 · answered by paulrb8 7 · 0⤊ 0⤋
the IRS limit for gift 11,000./person and no limit to how many people you give
2006-08-03 02:54:28 · answer #10 · answered by Hoa N 6 · 0⤊ 0⤋