The Tax Preparation Blog

Posts Tagged ‘income tax gift tax rules’

Question: What rules govern monetary gifts to adult children?

I would like to give some money to my adult children. I will NOT have a taxable estate at the time of my death, Does gift tax still apply to amounts over $10,000? Does income tax apply?

Answer: You can give more than the minimum as long as you fill out the form for the IRS which credits this amount to your eventual “total estate”..

Personal Finance: Prince looking like more of a pauper

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Myth #1: There’s income tax on a gift over 13K