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Father Gifting His Children
I guess I should watch how I phrase the question. It may be misconstrued. 🙂
Father is gifting each of his three kids $250,000. Plan is to write each child a check from his bank account. This is the father's first gift to his children and obviously no where near the exclusion amount.
My research finds this is not a taxable event and no forms (709) need to be completed as part of the tax return for the father or the children. Bank / Financial Institution may file a Currency Transaction Report. Father simply writes the check and kids cash them. Can someone please confirm my understanding is correct?
Gift Taxes if You Give or Receive a Large Gift - Rocket Lawyer
