Gift Equity

[grandmabee]

Gift equity on closing settlement papers between Parents and son.  76,0000  A gift tax return should be filed correct?

 

[Lee B]

Maybe, maybe not

[grandmabee]

So what do you mean by that? care to clarify ?

[jklcpa]

Yes, file gift tax returns because it's over $15K per donor to the son.  Then the parents utilize the unified credit, assuming they haven't exhausted that, and they'll pay no gift tax.