May I know if I gave my mom 16,000 this year and she deposit to her personal account.
Now if I give my dad 17,000 and transfer to him (put his name in my bank transfer paper) but the funds to his & my mom joint account. will my mom consider receive over 17,000 for 2023.
kindly advise, many thanks.
gift tax in california and federal
Moderator: Mark T Serbinski CA CPA
Re: gift tax in california and federal
This would be fine.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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Re: gift tax in california and federal
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Re: gift tax in california and federal
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Re: gift tax in california and federal
Gift tax applies if you give over $17,000 per person. If you are giving your mom $16,000 and planning on giving your dad $17,000 you should be ok. When it comes into a joint account it might be counted towards your mom's total. As always a good idea to check with a tax pro for specifics!