@danilol wrote:
You said seperate check from my husband and I . But that checking account is jointly owned by my husband and I , we do not have seperate checking account, does that matter?
Thanks
Spouses with a joint bank account don't need to write separate checks. However, you can write a gift letter that specifies each spouse is making an individual gift of $16,000, give your daughter a copy and keep a copy with your records.
But I still say give her the $40K and just file form 709. You won't pay gift taxes, and I'm not sure you have the expertise to handle the loan side of things correctly.
