My father wants to gift me money one time. can this be done without having to pay taxes.
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 is not intended as a substitute for legal advice. This posting does not create any attorney-client relationship with the author. For competent advice about your particular situation, consult your own attorney.
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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 firstname.lastname@example.org www.USTaxRescue.com 714-708-2593 Mr. Lively is a Certified Tax Specialist by the State Bar of California Board of Legal Specialization. He can be reached at 714-708-2593 or USTaxRescue.com.Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.
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