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Is a $10,000 inheritance to a grandchild subject to Generation Skipping Tax (No other gifts given to that grandchild) ?
Total of $60,000 given to grandchildren. Total estate less than $700,000.
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June 4, 2019
9:06 PM
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Get your taxes done using TurboTax
No.
The Annual GST ExclusionThe IRC also provides for an annual exclusion, just as it does for gift taxes. You can give away up to $15,000 per person per year as of 2018 without incurring the GST. Married couples can double this amount because they're each entitled to give $15,000.
https://www.thebalance.com/exemption-from-generation-skipping-transfer-taxes-3505526
June 4, 2019
9:06 PM