Hi, I’d like to get clarification of the $16,000 annual exclusion of the gift tax.
I am married so this is the scenario- I want to give $50,000 to my sister and her husband can I write out a check for $16,000 to my sister and a separate check to my brother-in-law for $16,000? And can my husband write out a check to my sister in a separate check for $16,000 and a separate check to my brother in law for $2,000 to equal the $50,000 and not fill out IRS form 709?
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Yes, you can give the gifts as you explained and not have to file a Form 709.
Gifts given are based on individuals receiving and giving the gifts.
So you can gift up to $16,000 each to your sister and her husband and your husband can gift up to $16,000 each to your sister and her husband.
Yes, you can give the gifts as you explained and not have to file a Form 709.
Gifts given are based on individuals receiving and giving the gifts.
So you can gift up to $16,000 each to your sister and her husband and your husband can gift up to $16,000 each to your sister and her husband.
Thank you much appreciated
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