TP wants to gift $40K to each child

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  • AZ-Tax
    Senior Member
    • Feb 2008
    • 2604
    #1

    TP wants to gift $40K to each child

    TP called me and wants to gift each of her children $40K which is obviously over the $14K. Upon reading examples in TTB 21-27,28, the TP will need to file form 709 (Sch A). Yes I know each parent can gift $14K to the same child but in this case the TP is single. Am I on the correct track?
    Tags: None
    • DaveO
      Senior Member
      • Dec 2005
      • 1453
      #2
      Yep, just file the forms. No tax unless and until they exceed the unified credit.
      In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
      Alexis de Tocqueville

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