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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53665
Experience:  29 years of experience as a tax, real estate, and business attorney.
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How much can a parent (retired) give to an adult child from

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How much can a parent (retired) give to an adult child from their assets? Is there a limit per year?
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. You can give a lot without any gift tax consequences! Each donor (meaning in your case, each you and your spouse) can give $14,000 per year per person under the annual gift exclusion. In addition to that, for any amounts in excess of the $14,000 in a year, each person has a $5,250,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,250,000 in gifts over and above the $14,000 annual gift exclusion amount without incurring gift tax....the donor must file a gift tax return to let the IRS know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative additional gifts have exceeded the $5,250,000.

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Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: