AboutHelen P. O`Planick, EA Expertise I am a tax professional, with experience in individual taxation. I would prefer not to answer questions about non-resident aliens or corporate taxation. Please do not ask me state related questions, unless the state is Pennsylvania. There are 42 taxing states and 42 TOTALLY different sets of state tax law.
Experience I have been preparing tax returns almost all my life. I have been in professional practice for 25 years and I am enrolled to practice before the Internal Revenue Service.
Organizations National Association of Enrolled Agents
Publications I am a prior Money Magazine Tax Test taker and have been quoted extensively in all media including monthly periodicals and books by tax authorities.
Question Helen,
I want to pay off my adult sons school loans.
I realize that I can only give him 10,000.00 as a gift.
Can I put his loan in my name and take it over and pay a large limp sum that way and not have to pay gift tax?
Answer You can gift him 12K a year (which includes all gifts, including birthday, holiday, just because). After that, you can gift up to a million dollars before you pay gift tax, but you must file a gift tax return.
