Legal Question in Tax Law in New Jersey

how much can my Mom gift me per year that I wont have to pay tax on?


Asked on 1/19/12, 12:43 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Gifts are not taxable income, unless they are made from taxable income deferred assets. Annually, she can give you $13,000 and she also has a lifetime exemption of One Million Dollars. She should consult a professional familiar with gift tax law to be sure she is handling it properly.

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Answered on 1/19/12, 1:28 pm


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