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Level 1

Question

gift question

Forum|Forum|3 years ago
November 16, 2022
1 reply
1 view

I gifted $300,000 to my son. What do I do for this to count towards my lifetime estate tax exemption?

Level 5

Hi @beth32

What a wonderful gift! I need a Mom like you 😄

You will have to file a gift return, however as long as you have not hit your lifetime limit, $12.06 mill in 2022, then no tax will have to be paid.

Please see this LINK for more information and a deeper dive in to the gift tax exclusion.

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