Karen Lee Posted June 21, 2010 Report Posted June 21, 2010 Hypothetical... Person has just under 1 million dollars and wants to gift two sons with all of it. Gift tax return required for person but no taxable income to sons? Is the $13,000. limitation only to not have to do the Gift Tax Return? Thanks Karen Quote
Kea Posted June 21, 2010 Report Posted June 21, 2010 Karen, You are correct in your assumptions. The only thing I'm not sure of is if the parent will owe any gift tax. I don't think so, because I believe the cap is $1 million for that -- but I don't remember off the top of my head. The sons don't pay the tax at all. BTW, I love your sig line. Quote
michaelmars Posted June 22, 2010 Report Posted June 22, 2010 Don't forget any State Gift taxes that might apply! Quote
Jack from Ohio Posted June 23, 2010 Report Posted June 23, 2010 Hypothetical... Person has just under 1 million dollars and wants to gift two sons with all of it. Gift tax return required for person but no taxable income to sons? Is the $13,000. limitation only to not have to do the Gift Tax Return? Thanks Karen Hypothetical... Is he adopting? Quote
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