Reply to Minimizing taxes when transferring money between parents and adult children

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Wait...so when I was younger and my parents paid for private school, college and my masters...all those tuition costs will later be added up and count against the 5.45M estate tax exemption (11M couple) when my parents pass on? They've got a bunch of real estate and I think it'll be above the 11M threshold. Or are tuition costs exempt?[/quote]

Oh, no!  You may have to pay some taxes on your $11 million inheritance?  Whatever will you do?!  You'd better stop buying Starbucks now, OP, just to plan for it.  [/quote]

This is OP. I am not the poster talking about $11 million; that was someone else. My parents have nowhere even close to that amount! So I guess I had misunderstood the gift tax; I thought anything more than that per year was taxed. Thanks for setting me straight.

Would there be any tax advantage to getting a condo sale check made out to me versus to them? i am guessing not.[/quote]

Sorry, I meant PP, not OP.  [/quote]

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