Tax free gifts to family over $15k
Hi Terry, I would like to give my daughter $50k as a gift and see that I can if I submit form 709. I read the instructions and see something about funds coming from a trust being taxable. The $50k will be coming from my money market acct. which is titled as part of my living trust. Will I owe tax on everything over $15k. Thank you.
Terry Says
Not until you die — and only if your combined estate and previously made gifts total well over $11 million!
You don’t have to file a form to make this gift. Just keep a record of it. There is no tax involved and likely never will be! And you can make the gift right out of your money market account, because even though in the name of your RLT it uses YOUR Social Security number.
