how much cash can i give as a gift without a tax problem?

Answer 1

Since you have posted this to the UK tax forum, then it's UK tax laws that apply. Most of the respondents are posting US tax law; you can tell by the "$" in their postings.

In the UK, you can give any amount you like in excess of our pitifully small amount of £3,000. If you die within seven years of making the gift, your estate may have to pay inheritance tax on the gift. If you outlive your gift by 7 years, there's no tax. There's loads of information about this and exceptions to the rule on www.hmrc.gov.uk. Call Inland Revenue or look at the site below for more info.

To the other respondents: Please check to see what country the question is from before pontificating. Also, the US limit this year is $12,000, not $10,000 as many people wrongly stated.

Answer 2

Are you in the UK?
Our Tax Allowance is £3,000 per annum to each Grandchild, OR £250 per annum, but not both.
The rules for giving to Children is slightly different, with you be liable to any Tax payable on their earned interest.
Best to give Inland Revenue a call, or look them up on the web. It can be a minefield., particularly with Inheritance Tax.

Answer 3

You can give as much as you want. The problem is when you file a return and claim it as a deduction. Limit the deduction to whatever is the recommended maximum to avoid a red flag that might trigger an audit. For example, if you claim you make $25,000 a year and then claim a gift deduction for $30,000, even I would be a tad suspicious of that one.

Having said that, send me all your money and dicker over the tax deduction later.

Answer 4

As others have indicted you may present as much as $12,000 ($24,000 in the experience that your important different documents a cutting-edge splitting tax return) according to 365 days to any donee inluding your babies, and there's a $a million million existence time exclusion. besides, you may make funds to scientific provider companies (you ought to pay them immediately, not provide the funds to the youngsters) in an limitless volume whether you at the instant are not claiming the guy receiving the scientific therapy as a based, and you may make limitless tutorial funds as long as you're making the fee directly to the academic corporation. lower back that's not constrained to dependents. besides, there's a theory talked approximately as a internet present the place even although the present tax is imposed on you, you may organize for the donee to pay the present tax as area of the contract to your making the present.

Answer 5

It used to be £3,000 in any one year, however if they have not received any the previous year, you can give £6,000 but check with the Tax Office first.

Answer 6

I gave just under £10,000 to my brother in the uK -elsewhere I am not sure, although I live in Australia now and I think it is the equivalent sum here

Answer 7

start by giving me £10 today then £20 monday, £30 tuesday etc until you start paying tax. That way you will know the answer.

Answer 8

You can give $10,000 per individual per year. For instance if you want to give money to your son and he has kids, you can give $10,000 to each of them without incurring a tax issue, or they for that matter.

Answer 9

You can give me as much as you like i will not say anything except thank you

Answer 10

i think its about £8,000 but changes if the gift is shares