4 ms·

Also not a professional, but to elaborate this means if you plan on giving your parents (with emphasis on the plural) 30k that means you can give each of them 1

Also not a professional, but to elaborate this means if you plan on giving your parents (with emphasis on the plural) 30k that means you can give each of them 15k (write 2 separate checks) and you come in under the 17k per person mark. Then you don't even have to file the gift form (I think it is 709...) and pay no tax.

toomuchtodo 4y ago
This also means if your parents have medical expenses, pay those expenses directly to exclude those gifts from your personal annual exemptions.
lotsofpulp 4y ago
> Then you don't even have to file the gift form (I think it is 709...) and pay no tax. You do not have to pay a tax anyway until you give away a total of $13M in your life, excluding any amounts you gifted that were less than $17k or less per person per calendar year.