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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1304
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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My parents would like to give $52,000 to me and my husband

Resolved Question:

My parents would like to give $52,000 to me and my husband as a gift. In order to avoid any tax for my parents, is it feasible for them to do the following?

- Dad to write a check to me for $13,000
- Mom to write a check to me for $13,000
- Dad to write a check to my husband for $13,000
- Mom to write a check to my husband for 13,000

Also, instead of my parents writing two separate check to me and to my husband, can my parents write a single check for $26,000 to me and another check to my husband for $26,000, if they have a joint checking account?
Submitted: 7 years ago.
Category: Tax
Expert:  Mark D replied 7 years ago.
phoebethdog,

The elect gift-splitting, Form 709 must be filed, and no gift tax would be due. It does not matter if they cut one or four checks, as long as Form 709 is filed correctly. Please let me know if you have further questions.

Regards,

Mark D
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