How much money can I give to my son and to my daughter-in-law each year without a tax penalty.?
Asked on 7/23/10, 10:49 am
1 Answer from Attorneys
$13,000 to each for a maximum of $26,000 for 2009.
See http://www.irs.gov/pub/irs-pdf/p950.pdf. You should speak to your CPA or tax attorney about this.
Answered on 7/27/10, 11:47 am
Related Questions & Answers
IS a college fund with a grandchild as benificery and asset? Asked 6/17/10, 6:20 am in United States Pennsylvania Elder Law
Does a senior have to abide by a lease if they become unable to live alone ? Asked 4/26/10, 9:13 am in United States Pennsylvania Elder Law
I am 83 yrs old & my daughter has power of attorney. she wants to put me in a... Asked 9/21/09, 10:39 am in United States Pennsylvania Elder Law