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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Family Law
Satisfied Customers: 30352
Experience:  Attorney with experience in family law.
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How much can I give my children on money that I have paid

Customer Question

How much can I give my children on money that I have paid taxes on already?
Submitted: 1 year ago.
Category: Family Law
Expert:  Lucy, Esq. replied 1 year ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

A person is allowed to give up to $14,000 as a gift to each individual for 2015 and 2016 without having to pay gift taxes. Annual exclusions change regularly, so always check the IRS regulations in place at the time you give a gift. There is also a lifetime cap on the total amount of gifts that can be given before you'd have to pay taxes. Currently, that amount is $5,430,000.

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