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wcheng3000
New Member

$60,000 in one check with only my dad's name, but can we say it is from my mom and dad to me and my wife?

If my dad borrows from bank of $60,000 and gives me the check. I deposit the check into me and my wife's joint bank account. I know my dad can avoid gift tax of $30,000 for married couple. Can we say other $30,000 from my mom? We will write a letter stating this fact and have it notarized! 

Also, this will be for 2018 tax return, so the gift tax exclusion is now $15,000 per individual, just to clarify.

1 Best answer

Accepted Solutions
Anita01
New Member

$60,000 in one check with only my dad's name, but can we say it is from my mom and dad to me and my wife?

To summarize the comments above, a gift tax return is filed by the giver of the gift and rarely involves paying any tax.  It's just a way to keep track of how much of their tax-free estate limit a person has used up prior to their death.  Until they exceed the tax-free amount of their estate, their gifts are tax-free for them.

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7 Replies
SweetieJean
Level 15

$60,000 in one check with only my dad's name, but can we say it is from my mom and dad to me and my wife?

He borrowed money to give you a gift? Are there any strings attached?
wcheng3000
New Member

$60,000 in one check with only my dad's name, but can we say it is from my mom and dad to me and my wife?

No strings attached. He is paying off the line of credit he borrowed himself. I was just wondering if this is an issue he will have with IRS because if so, i will have to write a $30,000 loan agreement with my dad to avoid him paying taxes on the gift.
Lisa995
Level 12

$60,000 in one check with only my dad's name, but can we say it is from my mom and dad to me and my wife?

Gift tax returns are just reporting forms, you don't pay any tax on them.
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
wcheng3000
New Member

$60,000 in one check with only my dad's name, but can we say it is from my mom and dad to me and my wife?

Ah Lisa995, i think i understand what you mean now. I can get my dad to apply the rest to the lifetime estate exclusion. Thanks!!!
Lisa995
Level 12

$60,000 in one check with only my dad's name, but can we say it is from my mom and dad to me and my wife?

Youre welcome.
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
Anita01
New Member

$60,000 in one check with only my dad's name, but can we say it is from my mom and dad to me and my wife?

To summarize the comments above, a gift tax return is filed by the giver of the gift and rarely involves paying any tax.  It's just a way to keep track of how much of their tax-free estate limit a person has used up prior to their death.  Until they exceed the tax-free amount of their estate, their gifts are tax-free for them.

wcheng3000
New Member

$60,000 in one check with only my dad's name, but can we say it is from my mom and dad to me and my wife?

Thanks! That was the part i was a little confused about, but now i understand.
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