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Hi all,

I used to be around here years ago and am now again in need of your financial expertise. Thanks in advance.

My Mom has recently decided to send me and my family money so we can start our own financial investments and such. This is what brings up the questions on "gifting" and maximums and such. Please feel free to agree, correct and argue as you see fit.

I believe that my Mother can send me a maximum of $14K a year and no one gets taxed AND my Father can send me a maximum of $14K a year and no one gets taxed.

Can they each also send my wife $14K with out paying taxes? If so should me wife and I file our taxes individually or separate?

Can they each also send my daughter $14K with out paying taxes? She is still a dependent on our taxes, over 18 years old. And again, if so, what is the best filing status for this.

What are the sources of these "gifts"? My parents have retirement accounts, IRAs CDs, etc. from which they can send cash, checks or do transfers from their accounts to ours.

They also have checking and savings accounts that they can send checks and cash from? Do these "gifts" include all those sources? If so, does the government count such things as birthday or anniversary presents in the form of cash or checks?

I just want to make sure that we do everything right and no one gets hit with a tax bill at the end of the year. Oh, BTW, my parents are in NJ and I'm in VA if that matters.

Any questions or stuff you need to know, please ask. All advice is appreciated. THANKS!
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