There was a thread recently about overfunded 529s and whether transferring the money to a new beneficiary counted as a gift. We found the laws and there are two different types of taxes to consider: income tax and gift tax. This post has the details: viewtopic.php?p=7852238#p7852238
Basically though, if you are planning to give to first cousins, you can give as much as you want without worrying about tax implications.
Basically though, if you are planning to give to first cousins, you can give as much as you want without worrying about tax implications.
Statistics: Posted by 986racer — Thu Aug 29, 2024 7:47 pm — Replies 6 — Views 548