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Non-investing private finance points together with insurance coverage, credit score, actual property, taxes, employment and authorized points reminiscent of trusts and wills.
Gifting Money To My Parents
I had a query about gifting cash to my mother and father. I do know that I may give my dad $9000 and my mother $9000 annually. Does this additionally imply my spouse also can present my mother and father a further $9000 per dad or mum as effectively? So my family can present $36,000 a yr to my mother and father?
Am I lacking something?
Re: Gifting Money To My Parents
You may give them as a lot as you wish to.
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Re: Gifting Money To My Parents
Every particular person may give one another particular person $18,000 a yr with no reporting. So you could possibly give your mom $18,000, your father $18,000 and in case you’re married, your spouse may give every $18,000 for a complete of $72,000 a yr with out reporting.
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Re: Gifting Money To My Parents
1. Every particular person can present $18k per yr to a person with out having to fill out a type 709. No taxes are due in consequence.
2. Every particular person can present, relying on how a lot they’ve gifted previously and the place they dwell, and so forth., thousands and thousands of {dollars}. If it is a concern, disclose rhe particulars right here and somebody might help.
ETA: typing on a telephone with sluggish wifi. I missed the opposite posts.
I get the FI half however not the RE a part of FIRE.
Re: Gifting Money To My Parents
bg5 wrote: ↑Thu Aug 29, 2024 10:40 am
Good Afternoon,I had a query about gifting cash to my mother and father. I do know that I may give my dad $9000 and my mother $9000 annually. Does this additionally imply my spouse also can present my mother and father a further $9000 per dad or mum as effectively? So my family can present $36,000 a yr to my mother and father?
Am I lacking something?
1) it’s 18K, not 9K. So every of you may give 18K to every of them, for a complete of 72K.
2) you may give greater than that, you simply need to fill out tax paperwork—however NOT pay additional taxes. The additional taxes solely come if the mixture of presents and your property add as much as a Fairly Giant Quantity—a number of million. I’m too lazy proper now to look it up. 
3) However see in case your state has a smaller quantity.
