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Money and Finances
Reply to "Minimizing taxes when transferring money between parents and adult children"
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[quote=Anonymous]My parents have plenty of money and have already given me the maximum gift amount not subject to tax this year ($14,000) but want to give me more money to help out because I am going through divorce which is straining my finances. Would it be a good idea to suggest that they write a check directly to the divorce lawyer on my behalf for the next retainer, or to my landlord? How about if they were to write checks to their young grandchildren and then I transfer those amounts over to my account to use for expenses like that? Or can they ask for a potion (or all, if it can't be apportioned) of their pending condo sale be made out to me? Could that benefit them with their taxes as well, if the condo appreciated in value a lot while they owned it? I would be grateful for any suggestions.[/quote]
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