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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10127
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Is there any age restriction when giving a cash gift of up

Customer Question

Is there any age restriction when giving a cash gift of up to $14,000? For example, can I give such a gift to a young child? If so, can the parent legally cash the check and deposit the money in the parent's bank account?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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No there's no age limitation.

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The parent cashing the check and depositing in their OWN account COULD, however jeopardize any future determination that the gift was to the child.

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All that's required of a gift is that it's given without the expectation of anything in return.

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But if it's important that the donee (gift recipient) be identified (say, for purposes of giving 14,000 to several different people where the parent was ALSO a donee, then the best practice would be to open up an account for the child with the parent being the custodian.

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Uniform Gifts to miinors accounts are one way to insulate that the funds are the child's (because at the age of majority, the money comes under the child's control.

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Let me kow if you have questions

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Lane

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