Annual gift tax exclusion through online transfers

My father does not use checks. He gifted me the $18,000 annual exclusion through this process... He transferred the funds from his individual account to our joint account. I then transferred it from our joint account to my personal account. Please confirm it it OK to have done it that way.

That said, the bigger question is this.. Can he make a gift to my wife through a similar process, but that still involves me? (From his personal account, transfer to my father and I's joint account, and then I transfer it from there to an account I own jointly with my wife) Or could this somehow be counted as a double git to me?

7742

Level 15

Oct 21, 2024 5:30:00 PM

It is the intention that matters. He could even write a single $36,000 check, as long as it was to both of you (although 2 separate checks would be harder to misinterpret). He should write a gift letter explaining his intentions, give you a copy and keep a copy. Ultimately he is responsible for paying the gift tax (if necessary), although in rare circumstances, gift tax is due and the giver doesn't pay it, the IRS can sometimes come after the recipient.

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Annual gift tax exclusion through online transfers