Cash Gifting Tax Laws
- Apr . 8 . 2008 | admin in category: Uncategorized |
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How can my parents give me money without paying gift taxes?
My dad recieved 5million dollars in a law suit, he wants to buy me a house, pay off my bills, and give me cash. If he buys the house in his name and I buy it from him for a dollar will he have to pay a gift tax. And if he sends a check to pay off my credit cards, is that considered a gift, or can I get a loan from my dad, and pay back $1 a month…would that work????
anything over 10K is going to be a gift.
