Taxes
If i decided to give my children some money. How does the irs stand. How much would be taxable etc.?
Asked on 6/24/09, 9:41 am
1 Answer from Attorneys
Darryl Pratt
Darryl V. Pratt, Attorney at Law, P.C.
Re: Taxes
The annual gift tax exclusion, the amount you can give to any individual each year without it being considered a taxable gift, is indexed for inflation, and the Internal Revenue Service has announced that in 2009 the amount will increase to $13,000 from the current $12,000. Thus an individual will be able to give up to $13,000 per child without incurring any federal gift tax. Also, a married couple will be able to give up to $26,000 to each of multiple recipients without incurring any federal gift tax.
Answered on 6/24/09, 10:38 am
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