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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2608
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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Is there a limit on the amount of money you can give your

Customer Question

Is there a limit on the amount of money you can give your child age 35?
Submitted: 1 year ago.
Category: Finance
Expert:  Tax.appeal.168 replied 1 year ago.

No, there is no limit. The current gift tax laws are as follows;

1) Currently, a U.S. person can gift any other U.S. person up to $14,000 a year without creating a taxable event;

2) Currently if a U.S. person gifts another U.S. person more than the $14,000 a year, then the donor has to complete a Form 709. The purpose of the Form 709 is to show how much a person has gifted in their lifetime which affects their lifetime gift tax exclusion amount, which currently is $5.45 million. For more information regarding this matter, refer to the following link;

Let me know if I can be of further assistance to you regarding this matter. If all is clear, please positively rate my response so that I can receive credit for assisting you today.