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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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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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Well, if you count your son-in-law you can give them $60k


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