How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2574
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now
A new question is answered every 9 seconds

Is there a limit on the amount of money you can give your

Customer Question

Is there a limit on the amount of money you can give your child age 35?
Submitted: 8 months ago.
Category: Finance
Expert:  Tax.appeal.168 replied 8 months ago.

No, there is no limit. The current gift tax laws are as follows;

1) Currently, a U.S. person can gift any other U.S. person up to $14,000 a year without creating a taxable event;

2) Currently if a U.S. person gifts another U.S. person more than the $14,000 a year, then the donor has to complete a Form 709. The purpose of the Form 709 is to show how much a person has gifted in their lifetime which affects their lifetime gift tax exclusion amount, which currently is $5.45 million. For more information regarding this matter, refer to the following link;

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Whats-New-Estate-and-Gift-Tax

Let me know if I can be of further assistance to you regarding this matter. If all is clear, please positively rate my response so that I can receive credit for assisting you today.