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What is the procedure giving a tax free donation to my children

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? I understand the...
What is the procedure giving a tax free donation to my children ? I understand the maxium amount that I can give each child is $13,000.00. Is this correct ?
Submitted: 7 years ago.Category: Tax
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11/22/2010
Tax Professional: CGCPA, CPA replied 7 years ago
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Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

You can give any person up to $13,000 per calendar year without being required to file a gift tax return. If you are married, your spouse can do the same. I suggest that if you do this use separate checks signed 1 by you and 1 by your spouse.

 

The law imposes this filing threshhold but you have a life time exemption of $1,000.000 on the taxability of gifts. In other words if you give any person $25,000 you will be required to file a gift tax return but will be able to apply $12,000 against the lifetime exclusion.

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Customer reply replied 7 years ago
To clarify I do not have to file a form 709 and how do the children declare this in come?
Tax Professional: CGCPA, CPA replied 7 years ago
If you keep at or below the threshhold you do not need to file. It is not income to your children by definition and therefore they have no filing requirement either.
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