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Posted: Wed Nov 11, 2009 2:16 pm Post subject: is there a maximum gift fund

is there a maximum amount allowed for a gift fund from a parent

gmakerley · Posted: Wed Nov 11, 2009 3:12 pm Post subject:

not aware of a limit

Guest

For 2009 it is $13000. Each parent can give this without paying taxes for a total of $26000. This can be repeated again next year. The allowable amount is indexed for inflation so it may go up or stay the same in following years.

Guest

Let me clarify based on what George said. Your parents can gift you any amount they like but taxes are only excluded for the amounts I mentioned above.

The giver is responsible for any tax, not the receiver. So giving above those exclusions kind of defeats the purpose by paying the government in order to give you a gift.

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is there a maximum gift fund