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Author: edsel1 Two stars, 250 posts Old School Fool Global Fool SC1 Red Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121341  
Subject: monetary gift-giving Date: 6/1/2001 6:21 PM
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My wife and I have a married daughter and they have one child. Can we give them $60,000 outright with no tax forms to be filed? The child is a minor. Thanks Edsel
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Author: Charlie48K Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51395 of 121341
Subject: Re: monetary gift-giving Date: 6/1/2001 7:28 PM
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No. The limit is $10,000 for each person you give to. So you and your wife can give $10,000 which comes to $40,000 without any tax effect or forms.

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Author: gailkay One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51396 of 121341
Subject: Re: monetary gift-giving Date: 6/1/2001 7:57 PM
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Well, if you count your son-in-law you can give them $60k




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Author: RVComeaux Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51400 of 121341
Subject: Re: monetary gift-giving Date: 6/1/2001 9:07 PM
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You can give the $60,000 -- but not all in the same year.

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Author: edsel1 Two stars, 250 posts Old School Fool Global Fool SC1 Red Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51401 of 121341
Subject: Re: monetary gift-giving Date: 6/1/2001 9:11 PM
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Thanks to Charlie49K and Gailkay. And yes, we are planning to include our son-in-law.(gulp) Not to worry; she's a great guy! Anyway, my wife and I will plan on no tax consequences or forms from either side of this $60,000 gift to the three.
Once again, thanks.

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Author: edsel1 Two stars, 250 posts Old School Fool Global Fool SC1 Red Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51402 of 121341
Subject: Re: monetary gift-giving Date: 6/1/2001 10:01 PM
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Original Message

Subject: Re: monetary gift-giving
Author: RVComeaux Date: 6/1/01 9:07 PM Number: 51400

You can give the $60,000 -- but not all in the same year.
_______________________________________________________________________
And now the plot thickens...Any more views before I screw up. Edsel

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51403 of 121341
Subject: Re: monetary gift-giving Date: 6/1/2001 10:34 PM
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Edsel,

In your original post you stated a desire to give $60,000 to your daughter and grandchild. Implicit, but not stated, was that there was a son-in-law in the picture.

Since the rules are that each individual can give up to $10,000 in a year to any other individual without incurring gift tax, you and your wife can make a total of 6 $10,000 gifts, one from each of you to each of the recipients.

There are those who would suggest using 6 separate checks to ensure that the intent to make separate gifts is clear. You also should be aware that you shouldn't give anything else that year (no birthday gifts, etc.) since these gifts will count against the $10,000 annual limit.

Ira

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Author: gailkay One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51404 of 121341
Subject: Re: monetary gift-giving Date: 6/1/2001 10:43 PM
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In your original post you stated a desire to give $60,000 to your daughter and grandchild. Implicit, but not stated, was that there was a son-in-law in the picture.

Since the rules are that each individual can give up to $10,000 in a year to any other individual without incurring gift tax, you and your wife can make a total of 6 $10,000 gifts, one from each of you to each of the recipients.

There are those who would suggest using 6 separate checks to ensure that the intent to make separate gifts is clear. You also should be aware that you shouldn't give anything else that year (no birthday gifts, etc.) since these gifts will count against the $10,000 annual limit.

Ira


As Richard Dawson used to say on Family Feud - Good Answer!!!

Edsel - you have heard from the master, go forward and gift.


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Author: edsel1 Two stars, 250 posts Old School Fool Global Fool SC1 Red Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51475 of 121341
Subject: Re: monetary gift-giving Date: 6/4/2001 11:13 AM
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Thanks Irasmilo and the rest who responded. Edsel

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