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Reply to "Tax Advantaged things grandparents can do for grandchildren"
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[quote=Anonymous][quote=Anonymous]OP here. My understanding is that grandparents paying for daycare is not tax advantaged in the same way that paying directly for pre K and up is unless it’s part of the $32,000 they can gift her generally. Am I wrong on that? She’d be starting at 1 year old due to maternity and paternity leave. Thanks for the great ideas, I didn’t even think of summer camp![/quote] The $34k (per couple to a single person) gift "limit" is just the maximum amount you can give without reporting it. You can give someone over that amount in a year, you just have to report it and start tracking to ensure it doesn't go above the total lifetime exclusion ($13 million right now). So even if a certain payment/tuition counts as a gift, they can give large amounts and not be taxed. They just have to start reporting it. https://www.nerdwallet.com/article/taxes/gift-tax-rate[/quote]
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