Gift tax... sneaky but is this legal? Scenario... I want to help my brother pay his mortgage but I do not want to dip into the lifetime 5.45 million limit or have to fill out any claim at all.
I and my wife both write $14,000 checks each to my brother, his wife and each of their two teenage sons (8 checks totaling $112,000). All four of them put their checks into a joint checking account with all four of their names on the account. My brother then writes a check from the account for $112,000 to their mortgage lender.
Kosher or no? |