• 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5

Gifting to children

My daughter, who is not married, has just agreed to purchase a condo. The purchase price agreed to with the seller is $210,000.00. I'm looking to gift her the full amount of the purchase price. It is my understanding that from her perspective she will not have to pay any taxes on the gift. From my perspective I will have to file a 'gift tax form' with the IRS indicating that this gift will go toward my lifetime gift exemption but that I will not have to pay any taxes either.

Am I correct?  
Yes. And you can give as much as$ 11.18 million.

You and your wife together can give $22.36 million
Exactly. The "Gift Tax" is unfortunately named, and gives an erroneous impression. In reality, almost no one but the super-rich are ever asked to pay any tax. The gift tax filing is a nuisance, but just an information that has an effect only if you die with an estate exceeding the lifetime exemption amount. The amount is currently $11.4, and indexed.

Forum Jump:

Users browsing this thread: 1 Guest(s)