Gift Tax

[rwm221]

I have a client that had to go into a nursing home and his son now has POA. They sold his house and the father told his son that there is a one-time option for gifting $100,000. I have not been able to find anything on it. I know you can give $100,000 as a gift as long as it is not too one person. Is there something I a missing.

Thank You

[Snaggletooth]

The father can give $15,000 to anyone he wants in any given year. If he gives more than this to someone in one year, a gift tax return will be required. This will not necessarily result in him having to pay anything. If there is some talk about $100,000 it is probably at the barber shop.

[Lion]

Maybe he heard he can give $100,000 from his IRA to qualified charities, a QCD. When clients hear "gift," they're not hearing the IRS definition of a gift.