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Submitted By: Lillian
Answered: January 29, 2016 12:02 pm
Answered: January 29, 2016 12:02 pm
Can a grandson make a gift to a grandmother?
Yes. While it’s not the usual situation that someone in a younger generation gives gifts to someone in the older generation, there’s no tax rule barring this. In fact, under tax law there’s no bar to gifts being made by minors.
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Tax Glossary
Individual retirement account (IRA)
A retirement account to which up to $4,000 (or $5,000 if you are 50 or over) may be contributed for 2007, but deductions for the contribution are restricted if you are covered by a company retirement plan. Earnings accumulate tax free.
