I realize you can get up to $12k FROM your parents tax-free per year, but can you gift money/property to them if they are in need? Seems logical, but our tax code tends to defy logic.
Thanks!!
Hopper
2007-10-04 05:07:31 · 8 answers · asked by TheHopper 1 in Business & Finance ➔ Taxes ➔ United States
Yes, you can gift $12,000 per year to any individual.
A person can give any number of gifts of less than $12,000 to any number of persons. No tax is payable on these gifts. The person who receives a gift of any amount does not pay. Only donor may have to pay the tax. All gifts of more than annual exclusion amount of $12,000 must be reported.
2007-10-04 05:26:33 · answer #1 · answered by MukatA 6 · 1⤊ 1⤋
Sure you can. The gift rules don't specify any relationship. Any one person can give $12K per year to any other one person, related to them or not, with no gift tax implications.
2007-10-04 11:06:29 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Yes one can give to their parents up to the annual exclusion amount without paying gift tax
2007-10-04 09:17:21 · answer #3 · answered by David K 3 · 0⤊ 0⤋
A gift to anyone qualifies. The recipient does not have to be in need of the gift either.
2007-10-04 05:10:54 · answer #4 · answered by ninasgramma 7 · 0⤊ 0⤋
You can give $12k to anyone that you want. What they do with it is up to them.
2007-10-04 05:22:57 · answer #5 · answered by Wayne Z 7 · 0⤊ 0⤋
in case you're married, your HUSBAND could additionally present 12K . . . (only thot i could make the respond a tad greater computing device). i'm questioning that a contemporary demands "reason" and that i doubt that a 2 365 days old could want to furnish 12K to somebody else.
2016-12-17 17:04:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes, but when they die and you inherit the remaining money/property from them, estate tax will be due. It would be better to keep the money in your name and support them by paying directly for their food, housing, medical care, etc., so that you can claim them as your dependents and reduce your income tax.
2007-10-04 08:35:51 · answer #7 · answered by StephenWeinstein 7 · 0⤊ 2⤋
Yes you can give 12,000 to your parents - you can give 12,000 to EACH parent. And if you are married your spouse can too.
So in effect if you and your spouse give each of your parents money you can give your parents 48,000 total.
2007-10-04 05:55:17 · answer #8 · answered by nyteglori 3 · 0⤊ 0⤋