Have a Tax Question? Ask a Tax Expert
Hi from Just Answer. I'mCustomer and can assist.
Unless the donors have a taxable estate, which under current law is in excess of $5 million, gifts to their children are not taxable to anyone.
The $28,000 per pair of parents is completely tax free. Gifts in excess of that are likely still tax free, they just use up some estate tax credits that very few people use anyway.
Thanks for asking at Just Answer. Positive feedback is appreciated. I'mCustomer