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breenthumb

Q's on Annual Gifting--timing and source

breenthumb
15 years ago

Need to Gift for this year and with so few days left on the calendar need to know a few things to make sure its done right and in time. I've never done this before and this just came up.

I know DH and I can each gift so each recipient will get a total of $24,000, $12,000 from each of us but...

1. Must the check be cashed/deposited before 12/31/08?

2. Does it matter which specific savings or checking account(s) it comes from as long as there are sufficient funds to cover them? In other words, a newly opened acct. has my name only so far on it. Can I still send the entire amount--his and mine, from that account?

3. Can our amounts be combined into the same check per recipient?

Any help would be appreciated.

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