Any person can give up to $13,000 per year to any other person, tax free and without reporting
the gift to the IRS
. For example, two parents with three children could give each child
$13,000, per year, and since there are two parents, that would be $26,000 to each child, total.
For gifts in excess of $13,000 to any one person, the donor must report the gift to the IRS on Form 709
. The maximum aggregate lifetime gift to all donees is $1,000,000.
Hope this helps.
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