Cash gift from father in law

[lored]

My father-in-law is giving myself and my wife (his daughter) a gift of cash. Is this gift seen as father to daughter for the purposes of calculating tax on the gift?

 

[Ham Slicer]

My father-in-law is giving myself and my wife (his daughter) a gift of cash. Is this gift seen as father to daughter for the purposes of calculating tax on the gift?

No it's seen as to both of you.

Depending on how much he is handing over he possibly should give it to her only.

 

[lored]

Based on the money involved that's what we would need to do otherwise i'll get caught for tax. But how can we go about this? If it's just given to my wife can we use it to pay off some of our morgage? If we invest it should this be done just through my wife?

Any help with this much appreciated.

 

[woods]

There is no tax on transfers between spouses so she can give half to you and then you can both do what you like with it.