Tax Law (Questions About Taxes)/Federal Gift Tax

Advertisement


Question
I found online this website about gift tax:

http://www.boston.com/business/personal-finance/2012/10/24/coming-changes-estate

Does that mean I can give my child  let's say 100,000 tax free in one year now before 2013 or still can give only $13,000/year?
Please let me understand this law. Thanks

Answer
Nur:

Before the end of the year you can give your child a one time gift of $100,000.00 and not owe any gift tax on it.  But, You can choose to only gift that child $13,000.00 and it would be gift tax free.  Your state rate may be different this answer only pertains to Federal Tax Law.

John

Tax Law (Questions About Taxes)

All Answers


Answers by Expert:


Ask Experts

Volunteer


John L. Tidwell

Expertise

Unemployment tax law both state and federal; determination of employer employee relationship; the usual 20 commonlaw factors for making that determination; and what makes me a liable employer.

Experience

Over 20 years of field audit experience with a state agency

Organizations
none

Publications
none

Education/Credentials
Degree in Accounting from Falls Business College

©2016 About.com. All rights reserved.