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i want to give my daughter 25,000.00 for a downpayment on a condo , how do i avoid any gift tax?
20Mar2008 Filed under: Advertising & MarketingQuestion:
i want to give my daughter 25,000.00 for a downpayment on a condo , how do i avoid any gift tax?
Answer:
You don't pay federal gift tax until your lifetime taxable gifts are over $1 million–but you will have to file a gift tax return if the amount given is over $12,000, even though you won't owe any tax.
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