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Not an accountant. If everyone involved is a US citizen, this year's gift tax exemption is $17000 per recipient. That means you can give up to $34K written as
by TAForObvReasons 4y ago
Not an accountant.
If everyone involved is a US citizen, this year's gift tax exemption is $17000 per recipient. That means you can give up to $34K written as $17K checks to each parent with no fuss.
- ghayes 4y agoYou and your spouse can each give that amount, which doubles the number if you are married. Also if you go over, you need to file a gift tax form, but you would simply be eating into your lifetime exemption, which several million dollars before you need to pay an estate tax.