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Gifts
I have two questions.
1) My wife and I are helping my son pay for his divorce. I know a gift for 2023 is $17,000 for an individual and $34,000 for a married couple. Since my wife and I are paying for his expenses out of our checking and savings accounts ( I wrote the checks) is it considered an individual gift or a married couple gift of $34,000 for tax purposes?
2) If I spot my son money (under $2,000) for a couple of days and he pays me back 2 days later is that taxable?
Thanks
‎September 8, 2023
10:13 AM