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ShawnA
ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Tax
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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How much can I give my children in 2015 federal tax year.

Customer Question

how much can I give my children in 2015 federal tax year. I'm under the influence that I can.
Submitted: 1 year ago.
Category: Tax
Expert:  ShawnA replied 1 year ago.
Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. Retired CPA
You can give them as much as you want (1,000,000).
If it is above a certain amount ($14,000), then it simply needs to reported to the IRS so they reduce the estate tax credit.
Here is a link that may help:
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Whats-New-Estate-and-Gift-Tax
I will also offer you a call to discuss. There might be a way to gift much more (if you are married, if kids are married, if you have grandchildren, etc.).

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