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    Post: Evading the gift tax

    Posted by TaxNewbie on 6/22/09

    My grandmother recently sold a property and wants to gift
    each of her children $120k. Since their is an annual
    exclusion on gifts of only $13k, my mother wants to set up
    a joint account with me, my sister, and her husband to
    funnel $60k for the next two years where she can withdraw
    money. She would be the only person withdrawing this

    This seems HIGHLY illegal to me and I want clarrification
    that it is or isn't.

    I've done some research but would like a clearcut answer
    to my situation. I know that there is a $1 million dollar
    lifetime exclusion on gift taxes. Could my grandmother
    just gift my mother the full $120k without her having to
    pay taxes? Also, would this eat into her estate?


    Posts on this thread, including this one
  • Evading the gift tax, 6/22/09, by TaxNewbie.

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