Money from Grandma?

michone
Tue, 11 May 2010 11:22:12 +0000

13K is the max allowed per gift without being taxed. If Grandpa is alive also, both Grandma and Grandpa can give a 13K gift per year with no tax ramifications. However, each person has to make a check in the amount of 13K - the checks can’t be combined into one 26k check. This is a great way for grandparents who can financially contribute to avoid paying taxes on the money. They can give money to each member of the family.