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New Member
posted May 31, 2019 4:50:55 PM

How much can 2 parents gift to child and spouse without filing 709?

0 2 6310
1 Best answer
Alumni
May 31, 2019 4:50:57 PM

They can give $56,000.

  • Parent 1 gives $14,000 to the child
  • Parent 2 gives $14,000 to the child
  • Parent 1 gives $14,000 to the child's spouse
  • Parent 2 gives $14,000 to the child's spouse
You can always give more and file the Form 709.  In most cases, you would not owe a gift tax even though you had to file unless you gave more than $5,000,000+ in gifts during your lifetime.  If you're in the habit of giving more than $5,000,000+, I'm available.

2 Replies
Alumni
May 31, 2019 4:50:57 PM

They can give $56,000.

  • Parent 1 gives $14,000 to the child
  • Parent 2 gives $14,000 to the child
  • Parent 1 gives $14,000 to the child's spouse
  • Parent 2 gives $14,000 to the child's spouse
You can always give more and file the Form 709.  In most cases, you would not owe a gift tax even though you had to file unless you gave more than $5,000,000+ in gifts during your lifetime.  If you're in the habit of giving more than $5,000,000+, I'm available.

Level 2
May 31, 2019 4:50:58 PM

The breakdown makes sense, but do these 4 payments of 14k actually have to be check's from separate accounts to seperate recipients? If you want to electronically send the money, could it be in one single transaction to a shared account?