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• 1. S

     Gift Tax

     What is the name of your state? California A friend gave his son a large sum of money (well over the yearly $11,000 limit for gifts) so his son could buy his first house, unaware at the time that he would be liable for a "gift tax". Is there any way to correct this "Gift" now. Can they now...

     • scouchy
     • Thread
     • Feb 17, 2005
     • Replies: 1
     • Forum: Wills, Trusts and Estate Planning
  2. S

     Gift Tax

     What is the name of your state? California. Last year, a friend gave his son $100,000.00 to be used as a down payment so he could purchase his own residence. Now it appears that a huge sum is due because of the "Gift Tax". Is there any way around the tax consequences. They have both agreed...

     • scouchy
     • Thread
     • Feb 16, 2005
     • Replies: 1
     • Forum: Tax Law