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socrateaser
socrateaser, Lawyer
Category: Tax
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Experience:  Retired (mostly)
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I would like to give my children a sum of money.how much can

Customer Question

I would like to give my children a sum of money.how much can I give them? What forms do i need? they are all adults
Submitted: 11 months ago.
Category: Tax
Expert:  socrateaser replied 11 months ago.
Hello,

You can gift each child up to $14,000 per year without filing any forms of any kind. This is your annual gift tax exemption amount. The number of children does not matter -- it could be one, or 100. As long as no child receives more than $14,000 during any single calendar year, the number of children who can receive a gift without any reporting requirements is unlimited.

You can gift $14,000 on December 31, and another $14,000 on January 1, and thereby gift $28,000 to each child -- still without any reporting requirements.

If you exceed this amount to any child, then you must report the gift on IRS Form 709. Your lifetime limit of all gifts in excess of the exempt gifts described previously, then the maximum of all aggregate gifts in excess of the exempt amount during your lifetime, is $5,250,000. This amount is adjusted for inflation each calender year.

Hope this helps.
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 33487
Experience: Retired (mostly)
socrateaser and 8 other Tax Specialists are ready to help you
Expert:  socrateaser replied 11 months ago.
Hello again,

I was wondering if you could tell me what you found unsatisfactory about my answer?

Without any customer feedback, I cannot improve my services for others going forward.

Thanks in advance.
Expert:  William Ellis, CPA replied 11 months ago.
Hello and thank you for allowing us at Just Answer to assist you. I would like to add this to the original answer--if any of your children are married, you may also gift their spouse $14,000 per year tax free as well. Same for any children they may have.

If any of your children are college-age or younger, you may donate quite a bit more to a Section 529 College Savings Plan on their behalf.

I hope this information is helpful.

Thanks,

Bill

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