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gift tax

Started by sangm61
over 18 years ago
Posts: 13
Member since: Feb 2007
Discussion about
has anyone had to deal with the tax implications of a large gift (i think 12k is the exclusion threshold?) from a parent? im trying to figure out how to approach it from a tax minimizing perspective.
Response by anonymous
over 18 years ago
Posts: 311
Member since: Mar 2007

Yes. The best way to deal with this is: 1.) Have a gift up to the maximum then, 2.) Have a forgivable loan for the rest....at the end of the year have the loan forgiven. You don't have to deal w/taxes (by the way, this surprised me too) but the gifter may have to though.

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Response by anonymous
over 18 years ago
Posts: 449
Member since: Apr 2007

Aside from the annual exclusion, each parent also has a lifetime exclusion (up to $1M, I think), which they can use now (though it reduces the amount of their estate they can shield from tax on death).

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Response by anonymous
over 18 years ago
Posts: 311
Member since: Mar 2007

Gifts are not taxed for the receiver.

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