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Financial Planning / Tax Strategies
|Subject: Re: Avoiding gift tax via a Corporation||Date: 6/28/2006 2:43 PM|
|Author: aj485||Number: 87589 of 122643|
I know the IRS allows a gift of $10,000 (possibly higher now?) to anyone tax-free each year.
It's $12k per year now, and indexed for future years.
If the amount to be gifted was for example $50,000 it would take 5 years to receive the money tax-free.
Close, but it's $12k from one person to another person, so you could receive $24k from your parents a year ($12k from Mom plus $12k from Dad). If you are married, your spouse could similarly receive $24k from your Mom and Dad. So, if you are single - $24k/year - 2 years and change to get $50k. If you are married, 1 year and change to get $50k.
And it's by calendar year, so actually in this case, you could get $24k now and $24k in January, then the other $2k the following January.
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