sharrielu1
Apr 10, 2008, 04:53 PM
In the state of Wisconsin how much money can a parent gift a child without being taxed on it?
ebaines
Apr 11, 2008, 05:46 AM
WI does not have a gift tax, so no problem there. As for the feds - any individual can gift up to $12,000 to another individual in a year without tax consequence. A couple filing as Maried Filing Jointly can together gift up to $24K. If you gift more than that, there are implications regarding the lifetime exemption of $1M for gift and estate taxes. See Pub 950 for details:
Publication 950 (8/2007), Introduction to Estate and Gift Taxes (http://www.irs.gov/publications/p950/index.html)