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About John Stancil, CPA
Expertise
I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.
Experience
I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > given money to my kids
Expert: John Stancil, CPA
Date: 9/5/2008
Subject: given money to my kids
Question
just won 29 million after taxes i won't to give them some money. what the best way to do it with out paying taxes
Answer
Randy,
Thanks for your question.
Sorry, but there is no way, legally.
Since you won the money, you must pay tax on the entire amount received. Anything you give to the kids will not be subject to income tax, as gifts are not taxable income.
If you give over $12,000 a year to any individual, it is considered a taxable gift. There is a $1,000,000 lifetime exemption total for gifts above $12,000 per year. Anything above that is subject to the gift tax laws.
Hope this helps.
John Stancil, CPA
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