How much money can my siblings and I give to our mother per year, before we have to pay taxes?

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1. PepsiLime said:

   You can each give her $12,000 per year. If you give her more than that you would have to file a gift tax return, but you have a $1,000,000 lifetime exclusion that you could put any excess against above the $12,000 limit.

   June 29th, 2009 at 8:29 pm
2. MadameZ said:

   according to my cpa, you can give a person $12,000 without paying taxes

   therefore, each of you could give her that amount

   June 29th, 2009 at 8:29 pm
3. brookangelbroang11 said:

   50.00

   June 29th, 2009 at 8:29 pm
4. Lee G said:

   $12,000 per IRS in 2007

   June 29th, 2009 at 8:29 pm
5. HH@20 said:

   You, your siblings and your and their spouses may each give her $12,000 without anyone paying any taxes. You may also give her up to $1 million dollars without anyone paying taxes and if any of you give more than the $12,000 you must file a "gift & estate" tax return. So don't worry. give enough to make her comfortable.

   June 29th, 2009 at 8:29 pm
6. STS1SS said:

   This appears to me to be overly complicated.

   I assume you are asking this because your mother is in need of some kind of support?

   $12,500 if the money is a gift. If you claim here as a dependent then monies used to support her are not a gift, and therefore not taxable. In fact you would be entitled to claim her as a dependednt if you provide more than 50% of her support.

   Ask an accountant to be sure, but if the question arises from a need to provide her support, consider taking her on as a dependent.

   Obviously factors such as her income, if any, do come into play.

   Good luck.

   June 29th, 2009 at 8:29 pm
7. Myla O said:

   Are you a Filipino? In the Philippines we are obliged to pay back to our parents after raising us, giving us the best education hoping that after graduation and landing a high paying job they can retire and we'll support them. But I think in Japan and the US since older people receive pension and due to the difference in culture, it is the parents' obligation to raise their children and give them the best education that they can have so they will have a better future. And when these children grew up and settle down it's their turn to support their own children. It's some kind of chain reaction.
   But in your case you have to talk to your parents, all four of you and ask her what she expects from you, if she needed support maybe you can calculate how much she really needs and you can make arrangement. Remember that you have your personal needs too and you also have to put a certain amount for your savings. Think ahead.

   June 29th, 2009 at 8:29 pm
8. dcholsted said:

   You don't pay tax for giving more than $12,000. You can give up to $12.000 to anyone without having to do anything. If you give someone more than that in one year you have to file a gift tax return. Basically, you are reducing the amount of assets you can pass at death tax free by the amount over $12,000.

   June 29th, 2009 at 8:29 pm
9. Judy said:

   You could each give her $12,000 a year without having to file a gift tax return. If you're married, you and your spouse could each give her that much without filing a gift tax return. So that would be somewhere between $48,000 and $96,000 for the year, depending on how many of you are married.

   Even if you have to file a gift tax return, yoju don't necessarily owe any gift tax.

   June 29th, 2009 at 8:29 pm
10. MukatA said:

    STS1SS is correct. Pay all the expenses of your mother that is provide her support. Then each of you can separately gift her $12,000 without any gift tax liability.

    If you and your spouse together gift her more than $12,000 but up to $24,000, there will not be any gift tax but you will have to file gift tax return.

    June 29th, 2009 at 8:29 pm
11. r_kav said:

    Also, if she has medical bills, you can pay those directly to the provider and that won't count toward the $12,000.

    June 29th, 2009 at 8:29 pm

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