Gifting from a Legal Perspective
While gifting is admirable, it is important that you understand the legal consequences of gifting to prevent unintended consequences. In addition to legal consequences, there are potential tax consequences. It is important that you consult with your accountant prior to making any gifts. This article, while it discusses tax consequences, is not tax advice. Hypothetical 1: Jack and Jill are excited that their son, Robert, is marrying Amy because she is wonderful. As a result, they decide to gift to Robert and Amy, as their wedding gift, $50,000 for the downpayment of Robert and Amy’s new house. Currently, the annual federal gift...
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