Legal Question in Wills and Trusts in California
gift in money towards bills
how much can you receive from only parent living as a gift and apply towards bills which you would have receits. father trying to help but don't want him penelized
Asked on 6/02/07, 1:53 pm
1 Answer from Attorneys
Donald Field
Donald L. Field, Jr., Attorney at Law
Re: gift in money towards bills
your parent can give you (and anyone else) up to $12,000 per taxable year free of federal gift tax. in addition up to $1,000,000 total can be given to all recipients during a lifetime. however, if the $12,000 is exceeded in a taxable year, a federal gift tax return must be filed by the donor (even if no tax is due as a result of use of some of the $1,000,000 lifetime exclusion).
see also:
http://www.irs.gov/publications/p950/ar02.html#d0e223
http://www.irs.gov/businesses/small/article/0,,id=164870,00.html
Answered on 6/02/07, 2:37 pm
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