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fitzgerald21209
Level 2

Is a $10,000 inheritance to a grandchild subject to Generation Skipping Tax (No other gifts given to that grandchild) ?

Total of $60,000 given to grandchildren.  Total estate less than $700,000.


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Accepted Solutions
Coleen3
Intuit Alumni

Is a $10,000 inheritance to a grandchild subject to Generation Skipping Tax (No other gifts given to that grandchild) ?

No. 

The Annual GST Exclusion

The IRC also provides for an annual exclusion, just as it does for gift taxes. You can give away up to $15,000 per person per year as of 2018 without incurring the GST. Married couples can double this amount because they're each entitled to give $15,000.

https://www.thebalance.com/exemption-from-generation-skipping-transfer-taxes-3505526

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1 Reply
Coleen3
Intuit Alumni

Is a $10,000 inheritance to a grandchild subject to Generation Skipping Tax (No other gifts given to that grandchild) ?

No. 

The Annual GST Exclusion

The IRC also provides for an annual exclusion, just as it does for gift taxes. You can give away up to $15,000 per person per year as of 2018 without incurring the GST. Married couples can double this amount because they're each entitled to give $15,000.

https://www.thebalance.com/exemption-from-generation-skipping-transfer-taxes-3505526

View solution in original post

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