Gift Tax Implications
A client wants to gift his son $50,000 this week. Can he give the gift and simply file a return to indicate that his lifetime exemption is being reduced by $50,000?
Does he need to go through the motions of giving $17K to his son and daughter-in-law, and then his wife doing the same?
Thanks!
Permalink Submitted by Alan - IRA critic on Mon, 2023-01-23 15:59
Does client reside in a common law or community property state where gifts of community property are treated as 50% from each spouse?