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.
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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.
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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