My wife and I would like to give $25,000 to each of our three adult children. We have the cash in a joint Schwab account and can easily transfer it to our joint checking account and distribute it to them from there. But obviously, $25K is in excess of the $18K individual gift limit. So how do we document that some of this is coming from me and some from my wife, so we don't exceed the individual limit? I'm assuming this should be pretty straightforward. I just want to do it right the first time and not have to deal with explanations and paperwork to the tax folks on the back end. Appreciate any thoughts.
Statistics: Posted by jebwc — Sun May 26, 2024 2:15 pm — Replies 3 — Views 332