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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][quote=Anonymous][quote=Anonymous]They can each give you $14k a year. They can pay your rent/lawyer directly/credit card/private school directly and it won't count toward the maximum. [/quote] If they pay your rent/lawyer/credit card it counts as a gift to you. there is an exception for private school. so for rent and all the other items added up, anything over[b] $14k counts towards the maximum[/b].[/quote] Again doesn't matter until the gift gives 5.4 million away. $14K per year to each person can be excluded. But really the gifter can give anything they want. You don't pay any taxes regardless. Don't worry about the $14k. [/quote]
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