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what is the procedure for gifting money to family tax free

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what is the procedure for gifting money to family tax free
Submitted: 7 years ago.Category: Tax
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Answered in 18 minutes by:
10/11/2010
Tax Professional: socrateaser, Lawyer replied 7 years ago
socrateaser
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 39,498
Experience: Retired
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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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