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Reply to "Tax question of gifting"
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[quote=Anonymous][quote=Anonymous]I know that you will be taxed if you gifted more than $14k for 2013, but actually how much you will be taxed? For example, if you write a gift check for $50K to your adult son to put down for a house, how much really will be taxed? Or will the IRS wonder where your son got that money from? [/quote] No, you're not taxed if you gift more than $14,000. There's a lifetime exemption of $5 million ($10 million). But you would have to file a gift tax return so the amount gets deducted from your lifetime allowance Your bigger issue won't be the IRS, but rather your son's bank and underwriter. You'll have to affirm that it is, in fact, a gift, and not a loan.[/quote]
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