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| *Loan,banking and credit>>>child tax |
What is the Tax Law for gift to children? |
What is the Tax Law for gift to children? You might want to research the attached and see if it applies. Other than the Gift to Minors Act, the answer above is correct. http://www.google.com/search?hl=en&q=%22... Same tax law as for adults. $12,000 per year per person is exempt from gift tax. Also, gift tax is assessed on the giver, not the recipient. Normally any person can give 12k to any other person each year free of any gift taxes. I believe that the law is, "Its a gift, no refunds allowed". Same as when a parent gives a child a car, there is no transfer fee. |
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