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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Do you all know you will have to pay taxes on anything over the $19,000 allowed to be gifted tax free? If you have a spouse, he can give you both double for a total of $38K.

If you go over those amounts, your dad will have to report it to the IRS and possibly someone will need to pay tax on it. It would be a waste of money if you were to gift the money back to him and have to pay tax a second time. I've never heard of someone keeping the money in case the parent needed it.

[/quote]
This is wrong. The excess over the yearly exclusion amount will be applied to your father's lifetime estate tax exclusion. If his estate is smaller than that very large amount, then the excess gift won't increase anybody's tax liability.[/quote]

+1. No matter how many times this is repeated somehow people still think they owe gift tax for the amount over 19k/38k. [/quote]

But it's true if he goes over he has to report it to the IRS and it does go against the estate lifetime limit.  And yes most won't hit that, but some of us are legitimately concerned about it
[/quote]

If you will have $30M you should pay someone to handle it if you will not have $30M the IRS will never care enough to investigate your gifts of sightly over $38K.[/quote]

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