They can give $56,000.
- Parent 1 gives $14,000 to the child
- Parent 2 gives $14,000 to the child
- Parent 1 gives $14,000 to the child's spouse
- Parent 2 gives $14,000 to the child's spouse
You can always give more and file the Form 709. In most cases, you
would not owe a gift tax even though you had to file unless you gave more than $5,000,000+ in gifts during your lifetime. If you're in the habit of giving more than $5,000,000+, I'm available.
