Peter’s father and Fox News host Steve Doocy made a lot of money during his stint with the network. It is estimated that Steve’s estate is valued at $90 million today.
A year ago, Steve has transferred three-fourth of his wealth to all of his three children equally. As part of this, Peter Doocy has received more than $19 million after taxes.
Peter Doocy Net Worth
Net Worth: $10 Million
Salary: $2.1 Million
Real Estate Assets: $6 Million
Inheritance: $7.2 Million
Stock Portfolio: $3 Million
Real Estate Assets
Peter Doocy owns a residential property at 12 Maplewood Lane in Greenwich, CT, valued at $3 million.
Additionally, Doocy holds a commercial property at 450 Market Street in Philadelphia, PA, valued at $2 million.
Lastly, Doocy’s agricultural investment includes a 50-acre vineyard at 128 Country Road in Napa Valley, CA, valued at $2 million. The property is currently producing grapes and features facilities for wine production.
Gift Tax and Other Legal Consequences
Peter Doocy’s net worth is $10 million. He recently signed a four-year deal with Fox News, earning a $2.1 million salary annually. Peter also inherited a significant wealth from his father Steve Doocy.
The IRS treats a transfer made during someone’s lifetime as a gift rather than an inheritance. A year ago Steve gave three-fourths of his wealth (about $67.5 million if his estate is $90 million) equally to his three children.
Under IRS rules, Peter received roughly $22.5 million as a gift before tax. Children do not pay income tax on gifts received. But the donor (Steve) must follow gift tax rules.
In 2024 the lifetime estate and gift tax exemption was $13.61 million per individual. This means Steve could give up to $13.61 million in total gifts over his lifetime without owing gift tax out of pocket, using up that exemption.
Since he gave each child about $22.5 million, the first $13.61 million is shielded by the exemption but the remainder (around $8.89 million per child) triggers gift tax liability. The top gift tax rate can be up to 40%. In practice, Steve likely paid gift tax on the excess or used planning strategies to cover it. After gift tax, Peter’s net was reported as over $19 million.
Peter Doocy does not owe income tax on the gift itself. But he must know his basis for future capital gains.
Career and Education
Peter Doocy attended St. Albans School, an independent college preparatory school for boys in Washington, D.C. He graduated from Villanova University, where he majored in political science.
Doocy started his career at FOX News Channel in 2009 as a general assignment reporter for “Fox & Friends.” He quickly moved up to serving as a fill-in anchor for the network’s various programs.
In 2021, Peter Doocy was appointed as a White House correspondent for Fox News. This position has placed him at the forefront of political reporting, often questioning and engaging with high-profile figures, including President Joe Biden during press briefings.