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June 4, 2019
Question

Can my father send money as gift(Max $15000/person), to me, my spouse and my daughter without any tax implication in the US? Can money be deposited in a single account?

  • June 4, 2019
  • 1 reply
  • 0 views

Continuing with 2nd question, my wife and I have a joint account in the US and my daughter (11 years) does not have an account. Can all the gifts (to 3 of us) be deposited in the joint account or I need to open an account for my daughter?

1 reply

fanfare
Employee
June 4, 2019

there is no tax implication. There is a reporting implication for the donor if a US citizen.

When the gifts are within the limits per person, no reporting is required.

June 4, 2019
Thanks for you reply. Do I need to create a new account for my daughter to deposit the gift money or it can deposited in my account?