Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Is there a limit to how much you can give your child tax free?
I heard it used to be $14,000/year. Has this changed?
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
10 replies, 1423 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (1)
ReplyReply to this post
10 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Is there a limit to how much you can give your child tax free? (Original Post)
bif
Dec 2021
OP
doc03
(36,695 posts)1. My dad thought it was $0 nt
jimfields33
(18,837 posts)2. Funny mine too.
My dad was the same way.
janterry
(4,429 posts)3. It's 15 this year
headed up to 16 next year
multigraincracker
(34,069 posts)5. Is that per parent?
Can it be a total or $30.
janterry
(4,429 posts)6. doesn't that depend on how you file?
n/t
sinkingfeeling
(52,986 posts)7. Yes, each parent can gift up to $15K in 2021.
bif
(23,973 posts)8. So each kid can get 15k tax free, correct?
sinkingfeeling
(52,986 posts)9. With two parents, each gifting, the kid gets $30K.
eppur_se_muova
(37,389 posts)10. IRS link ....
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift. The annual exclusion for 2014, 2015, 2016 and 2017 is $14,000. For 2018, 2019, 2020 and 2021, the annual exclusion is $15,000. For 2022, the annual exclusion is $16,000.
https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes (fifth bullet point)