Washington | Elder Law
10/29/08, 2:21 pm
Legal Question
Gifting
What is the amount that can be gifted to a family member before having to claim it as income? Thanks
Gifting
What is the amount that can be gifted to a family member before having to claim it as income? Thanks
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Read More Answered By: Bruce Busch |
Re: Gifting Your question is confusing. A gift is not subject to any income tax on the part of the recipient. There is a gift tax (of sorts) for those gifts over $12,000 per calendar year. But this relates more to estate tax discussions. In the end, your question is really too vague to answer properly. I suggest you revise it.
Remember, I'm an attorney but I'm not YOUR attorney. Only a thorough review of your situation by a competent attorney after an attorney-client relationship has been established will result in an informed legal opinion. |
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