My parents want to give me a good sum of $, however total will be less than 15K. What is the best way to exchange without us being potentially exposed to potential taxes?

likehelpful
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10k now, the rest in 2023

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💸💸💸🤐🤐

likesmart

You will not be subject to any taxes for a gift size of this amount.

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Yeah KPMG is right. Beyond $15k per year, the requirement is simply to report it. No taxes until $x million is transferred over your lifetime

Send 10k to me, 5k to you.
I’ll get back to you on the rest

likefunny

Send to my Venmo and I’ll give you cash under the table. I promise it’ll work out just fine.

likefunny

If you’re married 10k to you and 5k to spouse

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Cash

My parents have transferred me ~$70k as a gift before and I did not need to report taxes or anything. Not sure when this $15k gift tax is enforced.

I’m surprised that much money didn’t trigger an IRS audit if it wasn’t reported. Aren’t the banks required to report any transactions over 10k

Tell them to give you cash then deposit small amounts into your bank with few days apart

Put it in stocks, have ur family transfer stock ownership to u, take a margin loan out against the stock

cash

They should just transfer 15k. Unless they’ve gifted millions of dollars, nothing happens if they report it

Tell the bank you lend it. My in-law gave over $200k to pay off mortgage. Bank asked where the money is from. We said the family is lending us and we didn’t have a problem.

This is such a bad suggestion for an amount less than $15k

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