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11-04-2008, 05:20 PM
| | Junior Member | | Join Date: Oct 2008
Posts: 2
| | | $24k gift from parents, 1 check ok?
What is the name of your state (only U.S. law)? Pennsylvania
Hey all, my mother gave me a check for $24,000 this year to max out the maximum annual gift exemption for 2008 for her and my Dad (since each is allowed to give 12k). I went ahead and deposited it, but today it just struck me that since she paid with one check and her checking account is in her name only, on the books it looks like she gave me 24k rather than 12k from each parent which is what she intended.
Am I correct in that she made a mistake giving me all 24k in one check and went over her personal gift limit? Or does the IRS just know that since she is married, a 24k gift to me from her bank account uses both of their gift limits?
If she did do it wrong, and now that I've deposited the money, can I still give her 12k back (then get my dad to give me 12k from his account)?
Thanks! |
11-04-2008, 05:43 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 28,211
| | | Have you ever heard of www.google.com?
It is really a nifty site.
http://www.irs.gov/newsroom/article/0,,id=107815,00.html
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11-04-2008, 08:35 PM
| | Member | | Join Date: Feb 2006
Posts: 108
| | | $24,000 = $12,000 from each
The way your mother did it is fine.  |
11-05-2008, 10:49 AM
| | Member | | Join Date: Nov 2007
Posts: 219
| | Ever heard of gift splitting? Doesn't matter how one spouse gets it to you.  |
11-05-2008, 11:25 AM
| | Senior Member | | Join Date: Sep 2004
Posts: 1,977
| | | And, wash my mouth out with soap for saying it, the truth is that the overwhelming odds are that you and your parents will be the only ones that ever know about it.
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11-05-2008, 12:07 PM
| | Junior Member | | Join Date: Oct 2008
Posts: 2
| | | Cool. Thanks a lot for your answers! Good to know it was done correctly. | |
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