Hi Fam -
My wife and I have $55k to gift to a relative. This money sits in wife’s separate bank account.
Question:
Can we give $34k (we file taxes jointly) to her relative in 2023 and remaining in 2024 and these two gifts will be UNDER annual gift tax exclusion ie no reporting to IRS? What confuses here is that technically money sits in wife’s separate bank account but we want to give $17k x 2 = $34k as a couple and see it as annual gift tax exclusion of $34k.
Thank you a lot.
My wife and I have $55k to gift to a relative. This money sits in wife’s separate bank account.
Question:
Can we give $34k (we file taxes jointly) to her relative in 2023 and remaining in 2024 and these two gifts will be UNDER annual gift tax exclusion ie no reporting to IRS? What confuses here is that technically money sits in wife’s separate bank account but we want to give $17k x 2 = $34k as a couple and see it as annual gift tax exclusion of $34k.
Thank you a lot.
Statistics: Posted by mander75 — Sat Dec 30, 2023 11:45 am — Replies 3 — Views 135