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How much can 2 parents gift to child and spouse without filing 709?

Forum|Forum|6 years ago
May 31, 2019
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Best answer by bwa

They can give $56,000.

Parent 1 gives $14,000 to the child
Parent 2 gives $14,000 to the child
Parent 1 gives $14,000 to the child's spouse
Parent 2 gives $14,000 to the child's spouse

You can always give more and file the Form 709. In most cases, you would not owe a gift tax even though you had to file unless you gave more than $5,000,000+ in gifts during your lifetime. If you're in the habit of giving more than $5,000,000+, I'm available.

B

bwaAnswer

They can give $56,000.

Parent 1 gives $14,000 to the child
Parent 2 gives $14,000 to the child
Parent 1 gives $14,000 to the child's spouse
Parent 2 gives $14,000 to the child's spouse

You can always give more and file the Form 709. In most cases, you would not owe a gift tax even though you had to file unless you gave more than $5,000,000+ in gifts during your lifetime. If you're in the habit of giving more than $5,000,000+, I'm available.

G

golomb-andrew

The breakdown makes sense, but do these 4 payments of 14k actually have to be check's from separate accounts to seperate recipients? If you want to electronically send the money, could it be in one single transaction to a shared account?