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Old 01-06-2013, 11:47 AM
 
8 posts, read 11,543 times
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Hi,

If I wanted to transfer something close to $ 10K in someone's account (resident of Iowa), is there any tax on that? Also, I heard this would be considered as a gift and I will not be able to transfer a similar amount to anyone else (without tax) + the receiver will not be able to receive something like that free again.

Also, I would appreciate if you could point me to the government site where to find this info or where you found this info too

Thanks.
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Old 01-07-2013, 10:46 PM
 
8 posts, read 11,543 times
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any replies ? : )
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Old 01-07-2013, 10:52 PM
 
Location: Washington, DC area
10,707 posts, read 18,536,846 times
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I would ask this over in the economics forum. Maybe http://www.city-data.com/forum/personal-finance/

I do know that any transaction over 10k generates a form for the IRS, but I think you would need to provide more specific details to get a good answer to this.

IRS website would be a good place to start.
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Old 01-07-2013, 10:54 PM
 
Location: Texas
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I think it's 15k per person limit. But you should look it up.
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Old 01-08-2013, 11:17 PM
 
1,873 posts, read 1,631,892 times
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Quote:
Originally Posted by jill1 View Post
Hi,

If I wanted to transfer something close to $ 10K in someone's account (resident of Iowa), is there any tax on that? Also, I heard this would be considered as a gift and I will not be able to transfer a similar amount to anyone else (without tax) + the receiver will not be able to receive something like that free again.

Also, I would appreciate if you could point me to the government site where to find this info or where you found this info too

Thanks.
The gift tax exclusion for 2013 went from $13,000 per donee to $14,000 per donee. $10,000 was the old limit many years ago, but make sure the value of the gift is correct (no problem if it is cash or a marketable security which can easily be looked up).

That is "per donee" which means you can give up to $14,000 (hypothetically) to everyone. And that is a per year amount also, so you could give $14,000 per year per donee for as long as the $14,000 limit is valid. It has always remained constant or increased so I doubt it will ever be less than that.

You can find this very easily online. Just search for something like "gift tax exclusion 2013" and you will get many hits, with references to IRS authority.
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Old 01-15-2013, 08:56 PM
 
8 posts, read 11,543 times
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Thanks all for replies !!
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