Legal Question in Tax Law in Illinois

Re: Gifts

Each child can be given $12,000 per year per donor. If you are married, you and your spouse can each give $12k for a total of $24k. If your adult child is married, you can also give $24k to his or her spouse.

I hope this helps!

Ron Cappuccio

http://www.saveyourestate.com

Re: Gifts

This questions is more complicated than you think.

First gift tax is paid by the person who gives, not the person who receives.

Second, you can give any amount up to $2,000,000.00 without having to pay gift tax over a lifetime.(year 2007 it may be $1,000,000.00 after 2010)

If you give a gift over $12,000.00 you must file a gift tax return.

email me if you have any questions