Can my father, who is still alive, gift me more than $15,000 using the unified tax credit in order to avoid paying a gift tax?
If your father gives you more than $15,000, he will not need to pay a gift tax. However, he will need to file a gift tax return, although no tax will be owed.
The amount will lower the $11.4 million exemption from estate tax upon his death.
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Answered by: Carlo J. Silvesti, CPA, is an assistant professor of accounting at Gwynedd Mercy University in Gwynedd Valley, Pa.