Dave Ramsey
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Janice in Norfolk, Virginia.
Why $53,000?
Where did that number come from?
Let me help you.
She's going to get hammered with gift tax unless she's got some estate planning going on.
Individual can give an individual $19,000 before you get into gift tax of 55%.
They don't know anything about any of this, and they just write checks?
So are you married?
Well, they can each give you 19, so that'd be 38.
But everything above that, unless they file some paperwork called a unified estate tax credit and use up some of their estate exemption, which they can do pretty easily, they're going to get hammered with gift tax.
You can't just hand out money unless it's a 501, unless it's a properly done nonprofit, and you're not.
So mom and dad need to get some tax advice and quit being ignorant.
They're about to get their butts kicked in an audit really bad because they didn't learn what they were doing.
So I don't care.
Out of a million, if they gave you a 53, they gave somebody else 53, they're probably okay.
I'd put it on my mortgage.