Thanks for your response. You have no need to be concerned about tax consequences. Recipients of gifts are not subject to gift tax. And, there would also be no gift tax imposed on your. Each you and your wife can give $14,000 per year per person under the annual gift exclusion. IN ADDITION TO THAT, for any amounts in excess of the $14,000 in a year, each person has a $5,430,000 lifetime exemption....which means each you and your wife can give a cumulative amount of up to $5,430,000 in gifts over and above the $14,000 annual gift exclusion amount without incurring gift tax....you do need to file a gift tax return
to let the IRS
know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative additional gifts have exceeded the $5,430,000.
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