How Gift Tax Exclusion Works
- If the check was written, given to you, and deposited in 2024, then it counts toward the 2024 gift tax exclusion, even if the funds are not available until January 2025.
- The delay in funds availability due to the bank's hold should not change the tax year in which the gift applies because the donor’s intent and action occurred in 2024.
What You Should Do:
Document the Date of the Gift: Keep a record showing the date the check was written and given to you (e.g., a photo of the check or communication with your parents). This serves as proof of when the gift was made in case of IRS questions.
Call the Bank (Optional): If you can get the funds cleared earlier by contacting Chase, it might simplify things, but it's not necessary for the gift to qualify for 2024.
Final Note:
If you're still concerned, your parents can mention this gift on their tax records, even though they likely won’t owe gift tax because it falls below the exclusion limit. This step would be just for clarity and peace of mind.