Hello,
I want to give each of my 2 kids a gift of roughly $60,000. I understand that since my husband and I file jointly, we can jointly give each kid $36,000 with no taxes, or $18,000 each. Is that right?
However, I was under the impression that the balance of $24,000 would be exempt from taxes as long as i have not gifted the lifetime limit. And fill out a form (can’t remember the number). But, in the other blogs I saw here, it looks like there would be a tax due on the $24,000.
Can anyone clarify this for me?
