Author Topic: Not credit related -- How much money can you gift a family member  (Read 2124 times)

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Dollar short

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I have read that you may give a family member $12k (24k if married), each year, without tax consequences or government scrutiny. Is this true?

Thanks,

Martha

maylaur

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Re: Not credit related -- How much money can you gift a family member
« Reply #1 on: June 13, 2010 02:30:12 AM »
Anything I post is from my own personal experience, and might not apply to your own situation. 
I do not offer legal advice; for that, please consult a lawyer.

Dollar short

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Re: Not credit related -- How much money can you gift a family member
« Reply #2 on: June 13, 2010 03:28:32 AM »
From the IRS horse's mouth. Thank you so much Maylaur.

trueq

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Re: Not credit related -- How much money can you gift a family member
« Reply #3 on: June 13, 2010 04:17:59 PM »
martha31,  would it help to say, "I think of you as family."
My free speech is not legal advice.  If you need legal advice, you need to talk to a lawyer.

Litigation Defense record
Arbitration record:   9 wins * 0 loses
Court Record:         2 wins * 2 judgments (1 of the 2 judgments has been vacated, other judgment upheld on appeal, marked "satisfied", because I wrote a check.)

The one bank that beat me in court, I now have a $2200 limit credit card from them again.
Redemption is always possible.

Dollar short

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Re: Not credit related -- How much money can you gift a family member
« Reply #4 on: June 14, 2010 12:22:31 AM »
Trueq -If I can place a house in your name. LOL