Gift Limit

[dannyek7]

Hey all,

I have a question about gift limits. I am a single and am 33 years old with no children. My parents who are giving me the gifts are married. Last year, my grandmother died leaving my father with some money. From which, he gave me about $5,000. This year, my great uncle died and left me $16,500 (directly from his estate), and left my parents money. He left a note to take some of the money he left them, and give me $12,500 of it.

My question is this: Since my parents gave me $5,000 from my grandmother's inheritance and are "giving" me $12,500 from what my great uncle left them to give me, will that violate any rules since it is putting me over the $14,000 gift limit?

Thank you everyone.

[Petunia 100]

Hey all,

I have a question about gift limits. I am a single and am 33 years old with no children. My parents who are giving me the gifts are married. Last year, my grandmother died leaving my father with some money. From which, he gave me about $5,000. This year, my great uncle died and left me $16,500 (directly from his estate), and left my parents money. He left a note to take some of the money he left them, and give me $12,500 of it.

My question is this: Since my parents gave me $5,000 from my grandmother's inheritance and are "giving" me $12,500 from what my great uncle left them to give me, will that violate any rules since it is putting me over the $14,000 gift limit?

Thank you everyone.

Nope, you're OK. Your mother and your father can each give you up to 14k per year without needing to file a gift tax return. (And it is the giver who files the gift tax return, not the recipient).