can a parent give a child yearly money gifts without adding taxes to childs income
2006-09-09 09:27:58 · 3 answers · asked by opmas 1 in Business & Finance ➔ Taxes ➔ United States
GIfts ARE NOT taxable to the reciever. If you give any person more than $12,000.00 this year you will file an IRS form 709 (gift tax return. However,,,nothing will be owed until you use up the million dollar allowance we all get for lifetime gifts. Most of us will NEVER give away a million so it becomes a moot point. Just an IRS form to file.
Oh..and No you may not deduct the gift you gave on your own return. Many people want to do that but you may not. Think about all the gift giving there would be if the deduction existed.
2006-09-09 09:37:25 · answer #1 · answered by Ellie 2 · 3⤊ 0⤋
I believe it is up to $12,000 per yr per family member has no tax effect. Check the exact amount. This by the way is also true of non family members, it is just per individual.
2006-09-09 22:38:57 · answer #2 · answered by irongrama 6 · 0⤊ 0⤋
Let me think about it.
2006-09-09 16:32:58 · answer #3 · answered by Anonymous · 0⤊ 1⤋