Monetary gift giving

[gmeriano720]

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)?

[Anonymous_ · Accepted solution]

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.

[gmeriano720]

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

[Anonymous_]

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

[Carl]

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.