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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

Silly question, but if your parents have gifted you $14k and can gift you another $14k (as they each can give you that amount) don't they have an accountant or financial adviser that THEY can ask about this? Seems you finding out this info for them when they are giving such a large amount is weird. They need to know this stuff and not take the word of what you're learning off of an internet forum. Get some actual professional advice. [/quote]

$28k isn't a large amount of money. [/quote]

Okay, then I assume you wouldn't mind sending me a cashier's check for that amount...[/quote]

No.  But if I were to need to give my parents 28k I wouldn't need to hire a professional.  I'd have my husband write a 14k check and I'd write a 14k check. No need for a professional! [/quote]

This is you. Do you speak for every single person ever out there who has written a check to a family member and wants to ask advice on doing so? [/quote]

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