Legal Question in Banking Law in Pennsylvania

Money transfer

What is the highest dollar amount one person can just ''give'' another person with nothing in exchange.

i.e. I won the lottery and i want to give a friend 1 million dollars.


Asked on 8/27/07, 7:17 pm

1 Answer from Attorneys
Roger Traversa Arjont Group (Law Office of Roger Traversa)

Re: Money transfer

You asked about gifting money.

If you actually won the lottery I would love to be your friend or at least your attorney. After all you will really need an attorney.

There is absolutely no limit to what can be gifted from one person to another. There are tax implications that should be considered and any amount under $12,000 to one person in a year may be gifted without incurring tax for the recipient. Otherwise the money will generally be taxed as normal income.

Seriously, if this is an actual problem and not just a theoretical exercise then you to advice and guidance from an attorney in addition to help from other financial advisors.

You can call or emial me if you would like to speak further.

Regards,

Roger

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Answered on 8/27/07, 11:12 pm


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