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Cash Gift from a single parent to a married couple
I have read that the 2020 limit for a gift from a single parent to a son or daughter without having to file additional tax paperwork is $15,000. If the son or daughter is married does this amount double to $30,000 to keep it so that the parent does not need to file additional IRS paperwork? If so, can the gift be made as one large gift to their son/daughter, such as a check for $25,000, or should the amount be split between the married son/daughter and their spouse, such as a check to one for $12,500 and a check to the other for $12,500?
‎June 18, 2020
1:27 PM