Legal Question in Tax Law in Pennsylvania

I have 2 childrens that I want to give $40,000 each and they are both married but I dont want them pay any taxes on it nor I want to pay any taxes for giving it. what is the best way to avoid the taxes. I heard if you and your wife each give each child & wife $10,000 each there is no taxes.


Asked on 4/17/10, 3:52 am

1 Answer from Attorneys
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Currently, 2010, you can give $13k per year per person without gift tax. The recipient does not pay tax. Since you and your wife can join in the gift. you can give $26k to each child and $26k to each of their spouses. I suggest that you talk with an Estate Tax lawyer to structure this and your entire estate properly so you don't have tax problems.

I hope this helps!

Ron Cappuccio

www.SaveYourEstate.com

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Answered on 4/23/10, 1:14 pm


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