Can my son give me a 13K gift from his business account w/o taxation?
I know the IRS allows gifts w/o taxation between parents and children. Does it have to come from a personal account or can it come from a sole proprietor business account which my son has. Is there any problem if he transfers the money to me from that business account. He already paid the 2011 taxes on the profit in that business.
Taxation best answer:
Answer by Mathew
It makes no difference* He has already paid tax on the money and there is no tax liability for you.
Taxation
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