Question for the Money Doctors
Question submitted on Mar 13, 2014.
QuestionCan my parents give gifts of 28,000 to me, my son and daughter (each)in one tax year under the exclusion law?
Yes, however the gifts would need to be broken up separately. If they are intending on gifting the full $84,000 in one tax year as you suggest, then it would be best if they each wrote out 3 separate checks for $14,000 apiece to each one of you. There should be six (6) checks in all.
Also, professional advice for this situation should be considered to determine how this might fit into the family's overall estate and financial plans on a multi-year basis. A CPA/PFS along with an estate/trusts attorney would be appropriate advisors.
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