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Will my parents have to pay gift taxes?

December 8, 2003

Subject:  Gift tax question
From:  Kim
Date:  Wed, 15 Oct 2003

Hello,

I have a question regarding gift tax. If my parents give a gift to my husband and me of $100,000, do they have to pay a tax on it? Since they have never given any money to anyone before, wouldn't the Unified Credit apply and they wouldn't have to pay any tax?

Thanks,
Kim

Answer

Date:  31 Oct 2003

Hello Kim,

Yes.

Good luck!
Mike Gray

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