The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Best way to Gift money Date:  4/7/2008  7:53 AM
Author:  reba27 Number:  100051 of 127616

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!
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us