The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Best way to Gift money||Date: 4/7/2008 7:53 AM|
|Author: reba27||Number: 100051 of 122998|
Hello Motley Fools!
I have about $10,000 in a mutual fund at American Century that I need to give to my mother (I won't get into the personal details).
I know that I can gift her that amount of money without incurring taxes but first I have to get it out of the mutual fund.
Any suggestions on the best way to alleviate taxes on this whole transaction? Would it be possible to gift her the shares without withdrawing them first? If so, will she incur taxes when she redeems (I assume she will, but I want to avoid taxes on my end first)?
Any and all suggestions are welcome and appreciated! Thanks!
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