Fellow BHs, my wife and I are considering gifting our children (ages 19 and 21) money, as we're firm believers in helping our kids earlier rather than later (like many of us here). I have an appreciated mutual fund with VG (VLCAX). Considering the $18k max gift/year from each spouse limitation, could we realistically have VG transfer $36k to both of our kids as VLCAX shares from our brokerage account into their brokerage accounts? I've been web searching for a bit and, as usual, the internet returns all sorts of confounding responses. It does appear that this can be done. If we can do this and keep it under the $18k max amount, what are the tax implications, if any? When they take possession of the shares, could they sell them at their lower capital gains tax rate (which for them would be a big fat 0)%
As always, thank you.
As always, thank you.
Statistics: Posted by JV — Wed Jul 31, 2024 7:15 pm — Replies 12 — Views 694