Discussion:Gift Tax on Cash Gift
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| Revision as of 15:39, 29 August 2007 Death&Taxes (Talk | contribs) ("They" being the) ← Previous diff |
Revision as of 16:04, 29 August 2007 Skq9545 (Talk | contribs) (Thanks for the r) Next diff → |
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| {{ForumReplyPost|UserID=Death&Taxes|Date=29 August 2007|Text="They" being the parents? Math sounds correct, but what you should say is that gift tax returns must be filed. Whether money is owed depends on how much of their lifetime exclusion they have used prior to this year.}} | {{ForumReplyPost|UserID=Death&Taxes|Date=29 August 2007|Text="They" being the parents? Math sounds correct, but what you should say is that gift tax returns must be filed. Whether money is owed depends on how much of their lifetime exclusion they have used prior to this year.}} | ||
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| + | {{ForumReplyPost|UserID=Skq9545|Date=29 August 2007|Text=Thanks for the reply, I was just calculating the Form 709, and I am assuming the parents haven't previously given any gifts. I will find out when I talk to the daughter. Evidently with the $345,800 in unified credit, it appears they would not owe anything, as long as they give just $24,000 to the grandson. }} | ||
Revision as of 16:04, 29 August 2007
Discussion Forum Index --> Tax Questions --> Gift Tax on Cash Gift
| 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 | |
Death&Taxes (talk|edits) said: | 29 August 2007 |
| "They" being the parents? Math sounds correct, but what you should say is that gift tax returns must be filed. Whether money is owed depends on how much of their lifetime exclusion they have used prior to this year. | |
| 29 August 2007 | |
| Thanks for the reply, I was just calculating the Form 709, and I am assuming the parents haven't previously given any gifts. I will find out when I talk to the daughter. Evidently with the $345,800 in unified credit, it appears they would not owe anything, as long as they give just $24,000 to the grandson. | |
