My wife and I are going to have a kid in late 2016 (due date is 12/23)- my wife's family is very wealthy and several members of her family would like to give my kid the $14k gift limit for 2016; is this at all possible since she will likely not have a SSN and bank account? ======. If your child is not yet born, you cannot claim him/her as a dependent
Is there a way for the money transfer(s) to happen in 2017 but it apply to the 2016 tax year?==>.No you do not need to report the gift of $14K on your return.a donee never pay tax on a gift. also the donor does not even need to file form709 as its amount is $14K for 2016.