I want to verify my reply to a client, though my research indicates I
have given her the correct answer. If a married couple each transfers
$12,000 in a year to their infant child's account, no gift tax return
needs to be filed, but if it exceeds $24,000 total, then a gift tax
return must be filed. Is this correct? Thanks in advance for your
replies.
IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
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