Gift to son

[wayne1935]

What is the name of your state (only U.S. law)?

 

[Just Blue]

What is the name of your state (only U.S. law)?

 

[Antigone*]

It is that darn preivew thingy that is broken. I think he just got frustrated and left. This might be a reason why traffic on the forum has slowed down.

 

[wayne1935]

What is the name of your state (only U.S. law)?

New York State

We want to gift our son $20000. If I write a check for $10000 and my wife writes a check for $10000 on the same account, does this qualify for the $13000 exclusion or are we still going to have to file an IRS gift tax form?

Wayne

 

[tranquility]

That would be fine and no gift tax return would be needed.

 

[Zigner]

New York State

We want to gift our son $20000. If I write a check for $10000 and my wife writes a check for $10000 on the same account, does this qualify for the $13000 exclusion or are we still going to have to file an IRS gift tax form?

Wayne

My understanding (and I'm sure I'll be corrected promptly if I'm wrong) is that you could even write it on one check and still not have to file the form.

 

[tranquility]

My understanding (and I'm sure I'll be corrected promptly if I'm wrong) is that you could even write it on one check and still not have to file the form.

The problem with this, while not "illegal", it only has one person signing the check and does not create a good trail of the intent. It could cause problems later if there is a disagreement. Better to show the intent up front.

 

[Zigner]

The problem with this, while not "illegal", it only has one person signing the check and does not create a good trail of the intent. It could cause problems later if there is a disagreement. Better to show the intent up front.

I don't disagree that separate checks are better.

 

[tranquility]

I don't disagree that separate checks are better.

Separate checks signed by different parties.

 

[Zigner]

Separate checks signed by different parties.

Yes - you are the thorough one