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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: 5 months ago.Category: Tax
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Answered in 5 minutes by:
12/11/2017
Tax Professional: Lev, Tax Advisor replied 5 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,838
Experience: Taxes, Immigration, Labor Relations
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You may gift to your children ANY amount.

None for your children will be taxable.

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Tax Professional: Lev, Tax Advisor replied 5 months ago

However - if you gift more than $14,000 to ANY single person - you as a donor will be required to file a gift tax return.

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Tax Professional: Lev, Tax Advisor replied 5 months ago

Still there will NOT be any gift tax due as long as your life time limit is not reached.

That limit for 2017 is $5,490,000.

But your children will NOT pay any taxes regardless of the gift amount.

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