Gift limits for husband and wife

Hi:

Can someone answer the following question:

I understand there is a $13,000 limit on the amount that any individual can give to another individual without gift tax being involved, and that for a married couple giving the amount is doubled to $26,000. Now, can my wife and I give $26,000 to my son and ANOTHER $26,000 to his wife without the gift tax being invoked, or is there a limit for the couple receiving the money of $26,000?

Thanks in advance for an answer.

regards

John Baker

Reply to
JHB
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Yes.

But beware of one thing. If you don't live in a community property state, you will have to be careful to be sure that the husband and wife each give their own money. If it is money from a joint fund but not equally earned by both spouses, you will have to file a gift tax return and elect gift-splitting to make it work.

Reply to
Stuart A. Bronstein

John, I recently wrote an article at the TurboTax blog on this topic,

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The bottom line is you have it right. 2 givers x 2 recipients = 4 times the $13K. Depending on the intent of the gift there are other considerations. For example, there are no limits when paying for higher education. I can pay the tuition bill for anyone, no limit, so long as I wright the check directly. Same deal will medical/hospital bills.

Joe

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Reply to
JoeTaxpayer

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