Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: RavenATB

If the grandparents are paying it, they can jointly gift $22,000 to each kid ($11,000 each for GM and GF). If they give more, they must pay gift tax or utilize a portion of their unified credit.


176 posted on 10/09/2007 1:05:53 PM PDT by RayBob (If guns kill people, can I blame misspelled words on my keyboard?)
[ Post Reply | Private Reply | To 172 | View Replies ]


To: RayBob
“If the grandparents are paying it, they can jointly gift $22,000 to each kid ($11,000 each for GM and GF). If they give more, they must pay gift tax or utilize a portion of their unified credit.”

Ah, that’s right. I forgot about the cross-gifting ability...each grandparent to each child. Thanks.

That being said, while the family says they’re making less (taxable income) than $50K/yr, they’re still being given over $40K for school tuition from if the stories about the grandparents paying the tuition are correct.

181 posted on 10/09/2007 1:11:41 PM PDT by RavenATB
[ Post Reply | Private Reply | To 176 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson