If you're married and both parents are alive and rich, they can each give

you and your spouse each 15,000 and it's not reportable. That's 15k from dad to you, 15k from mom to you, 15k from dad to your SO and 15k from mom to SO $60,000 gifted from one household to the other and none of it is reportable.
[Post edited by Hokie CPA at 07/15/2021 1:08PM]

In response to this post by Guy LeDouche

Posted: 07/15/2021 at 12:58PM

Tax peeps - general tax question that has never made sense to me ... -- vt90 07/15/2021 10:17AM

Unless she's going to die worth in excess of 11 million bucks, she won't -- Hokie CPA 07/15/2021 12:52PM

$11M is the number? -- EDGEMAN 07/15/2021 1:02PM

It was 11 million a couple of years ago... -- Hokie CPA 07/15/2021 1:04PM

It's $11.7 million for 2021. ** -- Hokie CPA 07/15/2021 1:06PM

As you know though, it is a constantly moving target. -- vthokieq 07/15/2021 1:18PM

Yep, got to beware! Could even go retroactive. I was going to make a snarky -- DonHo-kieHi 07/15/2021 1:30PM

Good to know! Thanks! -- EDGEMAN 07/15/2021 1:17PM

If over 15k to each kid she just hasto file a gift tax return. The gift -- psychobilly 07/15/2021 11:51AM

For a $15k tax free gift, I’ll provide your answer! 😏 ** -- Hokebury 07/15/2021 11:40AM

P.s only difference between gift and inheritance is step up on any -- Hokiehouse7 07/15/2021 11:19AM

Not taxed...just eats into the huge estate tax exemption. Plus doubt many -- Hokiehouse7 07/15/2021 11:16AM

SHUN ** -- darnellm 07/15/2021 11:14AM

…the government do take a bite -- chumley 07/15/2021 11:07AM

Say that reminds me, how’d you get that kid so darn fast? ** -- TexasGobbler 07/15/2021 1:22PM

If she has already paid the taxes on the money that year... -- EDGEMAN 07/15/2021 10:42AM

You sure don't want it to sound like a payment for services -- Tafkam Hokie 07/15/2021 10:49AM

Yup ** -- vthokieq 07/15/2021 10:52AM

Don't think that's correct. -- vthokieq 07/15/2021 10:39AM

Yeah, that's how it was explained to us by a financial guy. ** -- reestuart 07/15/2021 10:59AM

My understanding as well. -- Guy LeDouche 07/15/2021 10:45AM

If you're married and both parents are alive and rich, they can each give -- Hokie CPA 07/15/2021 12:58PM

And then they can do it again next year. -- Hokie CPA 07/15/2021 1:11PM

Why you... -- Riverguy 07/15/2021 11:13AM

Duffel bags of cash transfer pretty easily. ** -- hoosnowahokie 07/15/2021 10:37AM

She could give that each year ** -- bigbadbird 07/15/2021 10:36AM

The amount given over 15K reduces the unified credit of the giver. ** -- Cosmo 07/15/2021 10:27AM

Yes -- FfxStationHokie 07/15/2021 10:25AM

Gifts over 15K are not "taxed". ** -- Cosmo 07/15/2021 10:24AM

If you're married and both parents are alive and rich, they can each give

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