Giving a relative a monetary gift? It might get taxed

Taxes: Gifts



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5 Myths about Gift Tax Laws

Bankrate

It's the one-size-fits-all gift that always fits: money. Who doesn't want to receive a generous gift from a rich relative? And who doesn't daydream about winning the lottery and sharing the bounty with a few friends or family members? For wealthy individuals, gifting is a tool used to pass along their affluence without incurring hefty estate taxes. Plus, they can actually watch their loved ones enjoy it. But gifting has spawned a handful of pervasive money myths. Experts share the top five.

How to Give a Tax-Free Gift

Bankrate

"To give a tax-free gift of $13,000 or less to a person, does it have to be a relative or can it be anyone? For example, would my daughter's husband be eligible?"

Low Rate on Family Loan can Trigger Gift Tax

Bankrate

"I plan to lend a family member a sum of $30,000 and need to know what interest rate I should be charging him. He will be paying the loan back within six months."


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