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#1
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$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! |
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#2
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| 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
__________________ There are two rules for success: (1) Never tell everything you know. |
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#3
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$24,000 = $12,000 from eachThe way your mother did it is fine. ![]() |
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#4
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| Ever heard of gift splitting? Doesn't matter how one spouse gets it to you. ![]() |
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#5
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| 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.
__________________ Arthur Carlson: Well, first thing we do is call an attorney. Andy Travis: You always say that. Arthur Carlson: Yeah, but this time it's appropriate. |
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#6
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| Cool. Thanks a lot for your answers! Good to know it was done correctly. |
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