topic Re: Monetary gift giving in Get your taxes done using TurboTax

Monetary gift giving

gmeriano720 — Sun, 26 Jul 2020 00:46:39 GMT

If my two brothers have a joint checking account together, can they just transfer money to me over the gift giving limit with a note, for example, saying "15000 to (my name) from (brother name 1)" and then the next transaction saying "15000 to (my name ) from (bro name 2)"?

Are they able to do the same thing when transferring money to my daughters saving acct (acct is in her name but my name is on as secondary). "15000 to (name) from (name)?

Re: Monetary gift giving

Anonymous_ — Sun, 26 Jul 2020 00:52:41 GMT

They are not a married couple, obviously, but, regardless, they are going to have to file Form 709 if the $15,000 annual limit is exceeded from the joint account.

Re: Monetary gift giving

gmeriano720 — Sun, 26 Jul 2020 01:07:06 GMT

Even if they include a note for each separate transaction of a "To: and From:" type of thing?

Re: Monetary gift giving

Anonymous_ — Sun, 26 Jul 2020 01:51:12 GMT

Yes, they should actually just write separate checks ($15,000 each).

Re: Monetary gift giving

Carl — Sun, 26 Jul 2020 14:08:47 GMT

A gift of $15K or more in a tax year from any one person to another person that the giver is not married to is reportable to the IRS on IRS Form 709. Period. End of Story.

So long as the gift does not exceed a lifetime total of $11.2M no taxes will be assessed on the gift. However, the requirement to report it to the IRS still stands.