For 2013 how much money can you give someone in a one time gift without being taxed

Asked over 1 year ago - Leesburg, VA

My father wants to gift me money one time. can this be done without having to pay taxes.

Attorney answers (3)

  1. Robert J. Hoffman

    Pro

    Contributor Level 11

    4

    Lawyers agree

    Answered . For 2013, a donor (your father) can give a gift of up to $14,000 per donee (you) without having to file a gift tax return or affecting his lifetime gift exemption amount.

    As always, consider consulting a tax professional in your area to ensure the best possible results.

    Robert Hoffman is a tax attorney licensed in California. The information presented here is general in nature and... more
  2. Kent Rackett

    Pro

    Contributor Level 8

    3

    Lawyers agree

    Answered . Yes, but you may to file a Gift Tax Return. Consult your tax advisor.

  3. Henry Daniel Lively

    Contributor Level 20

    1

    Lawyer agrees

    Answered . You father can gift $14,000 per year, $28,000 if married (split gifting). He also has a life time gift exclusion of $5,250,000. If he exceeds the $14,000 to any one person in a given year and wants to split gift or use his lifetime exclusion he will have to file a gift tax return (Form 709).

    H. Daniel Lively, Esq., LL.M., CPA Certified Tax Specialist, CA Board of Legal Specialization dlively@... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

28,315 answers this week

3,055 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

28,315 answers this week

3,055 attorneys answering