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Reply to "Parents of bride and groom - how to handle"
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[quote=Anonymous]The annual exclusion for 2021 is $15k. If the amounts you’re giving is $30k or less, you and your spouse can each give your child a gift of up to $15k without having to file a gift tax return, because gifts are specific to the giver, not the couple, for tax purposes. If the gift is more than that person in one year, you would have to file a gift tax return, but you don’t actually have to pay gift tax as long as you’re each within the lifetime exclusion (which is around $11 million, I forget the exact number) for all giving.[/quote]
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