Legal Question in Tax Law in Utah

gifted funds

When $2500 is gifted from parents - does this need to be claimed or is it tax exempt?


Asked on 8/19/08, 12:31 pm

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

Re: gifted funds

The gift is not taxable income to you and is below the $12,000 per year per donee cap, and your parents do not need to pay gift tax.

I hope this helps!

Ron Cappuccio

http://www.SaveYourEstate.com

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Answered on 8/19/08, 3:19 pm


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