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Money and Finances
Reply to "gift tax?"
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[quote=Anonymous]Each parent can gift you 16K and your DH 16K (so 32K each) without it applying to the lifetime exemption. They need to file a gift tax sheet on their taxes to show a split gift. As others have said, they can give money to your kids in the same scenario, but that is off limits to you. It would be a gift to your kids and can't be spent on things you are meant to provide as parents (housing, food, medical care, basic education). [/quote]
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