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Reply to "What is the best way to give $50k-$100k to an adult child?"
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[quote=Anonymous][quote=Anonymous]You are allowed to sign over a portion of your inheritance directly to a child. Ask your attorney about paperwork for generation skipping. That way you would not run into any tax consequences. [/quote] Again, for the back of the room: THERE ARE NO TAXES DUE ON GIFTS UNDER $14 MILLION OVER THE COURSE OF A LIFETIME You have to fill out a form when you file you taxes for the year you made the gift, if the amount you gave is over $19k: https://www.irs.gov/forms-pubs/about-form-709 And then if in any future years you give more than $19k, you add to the form and file it again. That's it.[/quote]
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