How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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I read about the $13K that each person can gift to another and be taxed free. I understand over that amount, one has to file a tax form. How exactly does the gifting work if the gift is kept under...
How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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That isn't correct.
OP you don't need to do anything. The gift is well under the limit of $13K.
How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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Treat this as if your dad gave you $5. The IRS doesn't care about a report or document showing a $5 gift from your dad. Treat this the same way. No report needed. No documentation needed.
How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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who's gonna know? take the money and deposit it into your account. You tell IRS that you got $8k as a gift, they will want $4k in taxes. :lol:
How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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The purpose of the $13K limit is both the donor and donee pay no Federal Tax on the amount. I suppose I will pay tax if the money is in an account that is interest bearing.
Frankly, I really...
How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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I agree it was to my understanding that 13k gift doesn't need to be reported.
How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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http://www.irs.gov/businesses/small/article/0,,id=108139,00.html
How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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I understand now that there is no reporting involved for gifts up to $13K but I am still puzzled about the IRS's stance on the lack of need to report or document the gifting at all. Thanks for the...
How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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As others have already said - it's a gift from one person to another of up to $13k. The rule is cumulative for gifts that occur over the calendar year, but is limited to only the individuals...
How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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Ask yourself the question: "How involved should the government be in my personal life and when do they care what I do with my money?" The IRS answered that question with when you give more than $13K...
How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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You didn't ask but if anyone was wondering-your father can give up to $13K to ANYONE he wants tax free with no documentation...including me :nod:
I'll look for his check.
How exactly does the annual gift up to $13K work?
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Thread created 03-18-2012 by mather
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There's no need for you to do anything any differently than if he gave each of you $5.
