Solved: 800K to my child during one year
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800K to my child during one year

Can I gift 800K to my child during one tax year and not have to pay gift taxes?  I have gifted to him in prior years however the amounts total less than approximately 400K(but never more than the allowed annual exclusion).  I know I will have to complete  IRS form 709. Anything else I should know on this subject.

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Expert Alumni

800K to my child during one year

Yes, you can gift that amount to your child. He does not have pay taxes.

 

You will have to file a gift tax return (form 709) but you will not pay any gift tax as you have a lifetime exclusion of $11.2 million.

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Level 13

800K to my child during one year

Completion of Form 709 is all that’s required. Annual exclusion is $15,000 or $30,000 if given by a married couple. 

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Expert Alumni

800K to my child during one year

Yes, you can gift that amount to your child. He does not have pay taxes.

 

You will have to file a gift tax return (form 709) but you will not pay any gift tax as you have a lifetime exclusion of $11.2 million.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Level 10

800K to my child during one year


@DesertDweller wrote:

Anything else I should know on this subject.


Yes.  Whenever you are dealing with such large amount of money, it is foolish to not be consulting a tax professional.

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