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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15588
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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If my mother-in-law gifts my wife $280,000 (no previous gifts)

Resolved Question:

If my mother-in-law gifts my wife $280,000 (no previous gifts) and my wife uses that money to buy out my community property interest in our home in California pursuant to a transmutation agreement, can I turn around and gift most of that money to my wife's brothers and sisters, or would that invalidate her mother's gift or our transmutation agreement, or create other problems with the IRS?
Submitted: 1 year ago.
Category: Finance
Expert:  Megan C replied 1 year ago.

Megan C :

Thank you for your question, and thanks for using JustAnswer.com

Megan C :

In order for this to be classified as a gift, no consideration would be given - it's money given to your wife with no strings attached. In no way should it be required that you give the funds to your wife's brothers and sisters that should be something that you just want to do.

Megan C :

If you just want to gift money to your wife's brothers and sisters, that's okay. Doing so will not invalidate the gift that your mother in law gave, or the transmutation agreement.

Megan C :

In terms of what the IRS considers.

Megan C :

Your mother in law will have to fill out a gift tax return for her gift to your wife, but no gift tax will be due.

Megan C :

You will have to fill out a gift tax return for the funds given to your brothers and sisters in law but no tax will be due.

Customer:

If the gifts to my brothers- and sisters-in-law are all $14,000, would I still have to file a gift tax return?

Megan C :

No, not unless you gifted more than that

Customer:

Thanks.

Megan C :

You're welcome. Is there anything else that I can assist you with today?

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15588
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 4 other Finance Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thank you so much for your positive rating. Please come back and visit me any time you have a tax, finance, or social security question that needs answered. It was a pleasure working with you today. Hope the weather out in California is as nice!

Megan

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