MarilynG1
Expert Alumni

Retirement tax questions

Yes, you would qualify for the Basic Exclusion on your Gift, so no tax is due.

 

The IRS tracks gifts, and if you exceed the 12M amount, then your gifts become taxable.

 

Here's more detailed info on the Gift Tax. 

 

@carriskoul 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"