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Am i allowed to give my children any money tax free. I am…

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Am i allowed to...

Am i allowed to give my children any money tax free

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I am mqaking mony min the stock market and my children need mone7y i am 90 years old

Submitted: 4 months ago.Category: Tax
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12/11/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 4 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,406
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions. You are able to gift your children $14,000 per year without triggering a gift tax filing requirement. If you gift more than this amount you would need to complete a gift tax return. The amount above the $14,000 may or may not be taxable to you depending on your prior gifts. The amount would reduce your life time exclusion which is currently $5.49 million.

You would still pay taxes on any capital gains that were generated.

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