0
You can give as much as you like ... as long as you pay the gift tax on any amount over $13,000.
If you gave more than that to any one person, you would have to pay a "gift tax" of 35% on the amount exceeding $13,000. (The $13,000 "resets" for each recipient, though, so if you have two sons, you can give each of them $13,000 before you'd be required to pay the tax). Also, the $13,000 is per person making the gift as well, so you can give $13,000 to your son and your spouse, assuming you have one, can also give $13,000 to your son.)
You should really see a tax professional about this, because there's a lifetime credit that can be applied (so you may not wind up paying the tax after all) and it can get fairly confusing in terms of what you're required to report, what forms you need to file, and how to do all the calculations.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
How much money do you give as a 30th birthday gift?
How much money do you give for 30th birthday without looking cheap.
How much money can you gift to a friend?
It just depends on how much you can give them. There is no limit really, it just depends on your budget and the money in your pocket!
How much money should you give a friends daughter for a wedding gift?
You should only give what you can afford without breaking the bank. You could also buy a gift and not give money at all. $30 - $50 is just fine.
How much money can a mother give a son?
As much as she wishes. Over a specific amount will be subject to gift taxes.
How much money is on a best buy gift card?
The cost of a gift card from the retailer Best Buy is dependent on the amount you wish to give someone as a gift. These gift cards are available in a wide range of denominations ranging from $5 up to $250.
How much money should you give as a present?
It depends on the person receiving. You have to see to it that it is an amount so large, that they will overlook you being rude enough to give money as a gift.
How much money to give as a wedding gift?
It depends on how well u know the person and what your financial situation is.
If your sister is getting married and you and your husband and 2 kids are in wedding partyhow much money should you give as a gift?
You do not have to give any money . You give whatever gift you think is appropiate , and if you wish to give money , give whatever amount you like that you are comfortable with.Being in the wedding party places no special gifting obligation on you.On the contrary, custom is the Bride gives her attendants presents, and the Groom gives a gift to his groomsmen.
How much money has to be paid to the government if given as a gift by me?
If you are giving the government a money gift the you give all of the gift.Perhaps you did not mean what you actually asked. Try reading through your question again carefully.
How much money should a groomsmen spend for a wedding gift?
Let your pocket and your feeligs for the groom be your guide.
How much money did The Gift gross worldwide?
The Gift grossed $44,567,606 worldwide.
How much 12 drummers drummering cost?
$2,552.55 The current rate to give your true love the gift of the twelve days of Christmas in 2010 is about $207,888.
