AboutGlenn D Schnabel Expertise I can answer most federal individual income tax questions.
I can not provide legal advise.
Experience I have worked for a CPA firm for over 11 years.
I have worked in private as well as government
I have recently been running a tax preparation office, mainly focusing on
individual income taxes
Organizations I have been affiliated with managing condo associations and as a member of a coalition to educate condo owners as to their rights and responsibilities.
Education/Credentials I have my B.S.B.A in Business Administration . Concentration in Accounting
I have gone to yearly tax seminars and have tried to keep up with the
evolving tax changes
Awards and Honors Over my years I have received local awards for contributions to worthy
organizations.
Past/Present Clients This, of course remains confidential
Question My mother-in-law would like to gift my wife and me $24,000 by check(s) this
year. To avoid payment of any gift tax, does my mother-in-law have to give
$12,000 directly to my wife and $12,000 directly to me, or may she give
$24,000 to my wife?
Answer Harris,
I hope you had a good July 4th. Thank you for your question.
Your mother in law can gift you and your wife $12000 per year without being required to file a gift tax return.
I would suggest that separate checks should be written or at least if the check is for $24,000 payable to your wife, to indicate on the check that $12000 gift for you and $12000 gift for your wife. This way there should not be any confusion as to what she did.
