Discussion:Gift Tax on Cash Gift

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Revision as of 15:32, 29 August 2007

Discussion Forum Index --> Tax Questions --> Gift Tax on Cash Gift

Skq9545 (talk|edits) said:

29 August 2007
Just want to make sure I am advising client properly. Parents want to give $200,000 cash to daughter, son-in-law and grandson. The husband and wife are splitting gifts, so that means $72,000 would be exempt, unless the amount has increased for 2007. They would then be responsible for taxes on $128,000 and possibly a generation skipping tax for the grandson on whatever portion they give to him, am I correct? Thanks for your input. Skq
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