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Old 03-09-2014, 10:50 PM
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gift tax classification

I have looked every where online for answers but came up empty so i thought i give the forums a try.

I need to transfer $100k worth of stocks over to my brother because they belong to him. I read that you can only give14k max to one individual per year. How much tax would i be paying if i give all, 100k to my brother?

If i give to my sister another 14k so that she can give it to him, how long after the transfer must she wait before she can give it to my brother?

Are there any other alternatives that i can do to transfer the $100k to him without getting taxed?

Thank you



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Old 03-10-2014, 12:37 AM
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Originally Posted by mitch View Post
#1;I need to transfer $100k worth of stocks over to my brother because they belong to him. I read that you can only give14k max to one individual per year. How much tax would i be paying if i give all, 100k to my brother?

#2;If i give to my sister another 14k so that she can give it to him, how long after the transfer must she wait before she can give it to my brother?

#3;Are there any other alternatives that i can do to transfer the $100k to him without getting taxed?

Thank you
#1;ASLONGAS $100K is the whole amount of the gift, then as $100K<$5.25M for 2013, no gift tax imposed however, as $100K>$14K, yu must file the IRS Form 709with the IRS by Apr 15 2014. You must file a Form 709 for each year that you make a taxable gift. It is due with your annual income tax return, generally on Apr 15. If you file for an extension with your income tax return, that extension also applies to Form 709

#2;ASAP at any time I mean; no n eed towait;as the amount of the gift is $14K neither you nor your sister needs to file form 709 with the IRS.



#3;no tax on $100K as mentioned above but as ssaid youmust file form709 as info return NOT to pay tax on$100K.



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