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Reply to "Grandma gift for kids"
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[quote=Anonymous]Mom want to gift money to our 3, very young kids ($57K). This is in addition to what she'd gift us ($38K). Kids don't have a bank account and this will likely continue for the next few years. We don't plan on opening bank accounts for them for this purpose. We'll just hold the money in our accounts and will be spending it for their needs anyways.. We do have 529s for them that were just superfunded last year so can't add more for another 4 years. Is it OK for her to just send the check to me with a notation "Gift for kid xyz" and maybe give a letter along the lines of "I am giving a gift of $19K to kid xyz" for tax records? This may be overkill but I'm worried that in case of a future tax or other audit we (mom/us) may need to show proof that the $ 57K transferred to us was indeed a gift. [/quote]
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