Legal Question in Tax Law in Illinois

Am I allowed to take the money made from selling my home and give it to my child in order for them to build a new home for them?

Asked on 1/05/22, 11:55 am

1 Answer from Attorneys

Virginia Prihoda Law Offices of Virginia Prihoda

Generally, you are free to do whatever you want with whatever belongs to you. So long as you are not under any order of court restricting the use of funds, so long as you are not depriving any creditor of yours of the possibility of getting paid, and so long as you file any gift tax returns, if needed, you should be OK. We assume the child is not a minor. And we assume you know once it's gone it's gone--you can't change your mind after the money is spent. Be sure you have enough for your golden years before you get too generous.

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Answered on 1/05/22, 12:12 pm

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