Legal Question in Real Estate Law in Florida

I sell my home and want to give my child $40,000 in cash---do I have to explain to anyone (IRS) who and why I gave them the money?


Asked on 6/23/10, 10:43 am

1 Answer from Attorneys
Richard Kaplan

You can give up to $13000 per person per year as a gift. So as long as you keep it below that amount to each of your children, no problem. If you are married, then between the two of you, it is $26000/person/year.

If it exceed that amount a Form 709 is required to be followed. You don't have to explain why.

Read more
Answered on 6/23/10, 5:07 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Florida