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Reply to "Minimizing taxes when transferring money between parents and adult children"
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[quote=Anonymous]Yes they can write a check to the grandchild. In fact, each grandparent can write a 14k check. That being said, unless your parents are extremely wealthy there is no reason to worry about the 14k limit. Here is some info on the gift tax. Basically your parents would only have to pay tax on money they have given once they have given away over $5 million. https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/INF12127.html [/quote]
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