Go to Jeff Salisbury LWGate Home Page.From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Gift taxes - parents give 800 shares to adult children?
Date: Wed, 13 May 1998 18:48:42 -0400
Next Article (by Date): Re: advisory service for 500$ Duke o W
Previous Article (by Date): Advisory services eric
Articles sorted by: [Date]
[Author]
[Subject]
[Disclaimer: this is my opinion, not advice. I am not a professional.] >Is there a state or federal tab liability if parents give a large block >(800 shares) of stock to an adult child? It depends on the price of the stock. To the extent that you give gifts of more than $10,000 in a single year to a single person (doesn't matter if that person is related to you or not), there will be a gift tax liability on the excess. A person and their spouse can thus together give $20,000 per year to a single person. However, you must first start to use up the unified gift/estate tax credit of $202,500 before you actually pay any gift tax. There is no tax liability on the *recipient* regardless of the size of the gift. Spouses can make unlimited gifts to each other with no gift tax liability at all. Rich Carreiro rlcarr@animato.pn.com P5-100/RedHat Linux 4.1 - -
Next Article (by Date): Re: advisory service for 500$ Duke o W
Previous Article (by Date): Advisory services eric
Articles sorted by: [Date]
[Author]
[Subject]