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#1
10-12-2004, 09:59 PM
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Gift to childrenWhat is the name of your state? PA If my mother tranfers 90,000 from her cd to a checking acct. in my name (son) and hers could I write 30,000 checks to my brother, sister and me plus our spouses without going over the 11,000 gift limit or should I give 22,000 to each and their spouse and 8,000 to one of their children? |
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#2
10-12-2004, 10:42 PM
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| If she puts it in a checking account with your name and her name on it, she's just given you $45000. She should take the money out of the CD's $11000 at a time, and give it to whomever she wishes, without putting it in anyone else's name first. As long as she doesn't give more than $11000 to any one person in a given year, no Gift Return will be necessary. Snipes PS If she has extra, I could use a few bucks.
__________________ This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post. |
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#3
10-13-2004, 11:52 PM
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| Oooh, me too!
__________________ This post does not constitute legal advice, nor does it create an attorney-client relationship. Postings are based only on the information provided and you should consult an attorney in your area before relying on information contained in this post. |
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