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

Jul 30, 2019

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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.

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