Is there a tax limit to giving support to a family member?
Since I resigned from my job, my mother has been supporting me. Is there a limit as to how much money can be given in support?
Answered By: David Hoines Law
No, but gift tax exposure if over $13000 per year.
Answer Applies to: Florida
Replied: 6/5/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Florida
Replied: 6/5/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Steven J. Fromm
However, from a gift tax perspective, your mom can give you $13,000 without having to file a gift tax return or using up her lifetime unified credit that is currently $5,000,000. If her husband joins in the gift this amount can be $26,000. From an income tax perspective, the money given to you is not taxable income. You have not stated your age but if she provides over 1/2 of your support and other criteria are met she may be able to claim as a dependent.
Answer Applies to: Pennsylvania
Replied: 6/1/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Pennsylvania
Replied: 6/1/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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