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Can you give your married so 10000 to help pay off college dept without either paying taxes?
Wiki User
∙ 9y ago
I take it that you are asking if you can give your son $10,000 to pay off college debt and what the tax consequences may be, right? If this is your question the answer is yes you can. You may gift this amount without any tax consequences at all. You nor he will be responsible for any taxes on this gift. The amount is lower than the amount that will require you to complete and pay gift taxes. Now, you also must realize that you cannot deduct this gift on your tax return in any way as well. It is a gift between parent and child and is never deductible as any type of donation but will not require either of you to report the amount at all on either tax returns.
Wiki User
∙ 9y ago
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