Legal Question in Wills and Trusts in Illinois
How much money can you give someone before they are taxed?
Asked on 5/12/12, 1:55 pm
1 Answer from Attorneys
The person receiving the money is never taxed. It's the person giving the money who might be subject to gift tax. You may gift a person up to $13,000 this year without the need to file a gift tax return. However, you may gift up to $5,120,000 without paying to pay a gift tax. This amount expires at the end of 2012.
Answered on 5/12/12, 2:16 pm
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