Legal Question in Tax Law in Pennsylvania

I want to give my son some money, how can I do that without having him pay any taxes on it. the amount is over $25000.00


Asked on 4/11/10, 1:08 pm

2 Answers from Attorneys
Matthew Kelly Kelly Law

You can just give it to him, tax free. You may pay tax on the gift, depending on your situation, but no tax to him.

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Answered on 4/16/10, 2:15 pm
Solomon Weinstein Solomon Weinstein, Esquire

If you and your wife join in the gift to the son there will be virtually no gift tax to you and no tax to the son on the gift. If you alone give the gift a portion will be subject to gift tax but you have a lifetime exemption that may be available . seek a knowledgable accountant or attorney to structure the best situation for you.

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Answered on 4/19/10, 5:36 am


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