I'm lucky enough to have my parents offer a gift of $100,000 to help pay off part of my student loans. From what I understand , my mother and father can each give me $15,000 without having to file forms with the IRS. They can then each give my wife $15,000. Between the two of us this covers $60,000. The last $40,000, my parents will file a form with the IRS for their lifetime gift exemption.
My question is, does it matter how the money is transferred? Do we need to do 4 separate transactions for each $15,000 to make it clear that it falls under the annual exclusion? And then a separate transaction for the $40,000? Will a bank transfer of exactly $15,000 cause any problems with the bank or IRS? Does it matter if these payments are coming from/going to the same (joint) accounts?
Thanks!
Submitted February 14, 2019 at 10:35AM by timbuklo http://bit.ly/2X3PRVV
