2006-12-05 07:24:26 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Judy is correct. In 2006, you may gift up to $12,000 of cash or property to any individual ($24,000 to a married couple) without having gift tax concerns or filing requirements.
2006-12-07 21:34:33 · answer #1 · answered by judge12 2 · 0⤊ 0⤋
Is this a gift of cash, or of property?
If it's cash, then you don't need to do anything.
If it's property, then you will need to file a Form 709 (gift tax return) in order to disclose certain specifics about the gift, the most important being your basis in the gifted property, which becomes your child's basis.
2006-12-05 15:52:33 · answer #2 · answered by jinenglish68 5 · 0⤊ 0⤋
No, you're OK. If you were giving more than $12,000, you'd have to fill out a gift tax form.
2006-12-05 15:27:29 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Max you can give tax free this year is $11,000.00. Used to be 10K, but increased this year.
Since you're getting conflicting answers, check at the IRS.gov site to be sure.
2006-12-05 15:52:24 · answer #4 · answered by Anonymous · 0⤊ 1⤋
You may give "gifts" up to $10k per year (per person) unless your child (age??) is married than you can give up to $20k.
2006-12-05 15:29:52 · answer #5 · answered by allaboutwhat 2 · 0⤊ 3⤋