Can my father gift me more than $15,000 using the unified tax credit and not pay a gift tax?

by Carlo J. Silvesti, CPA | Jul 30, 2019

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.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Carlo J. Silvesti, CPA, is an assistant professor of accounting at Gwynedd Mercy University in Gwynedd Valley, Pa.

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
Financial FAQs

Search the most frequently asked finance and accounting questions and read the responses from PICPA members. Always consult a CPA before taking action.