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Is there a limit to how much you can give your child tax free? (Original Post) bif Dec 2021 OP
My dad thought it was $0 nt doc03 Dec 2021 #1
Funny mine too. jimfields33 Dec 2021 #2
Good one! bif Dec 2021 #4
It's 15 this year janterry Dec 2021 #3
Is that per parent? multigraincracker Dec 2021 #5
doesn't that depend on how you file? janterry Dec 2021 #6
Yes, each parent can gift up to $15K in 2021. sinkingfeeling Dec 2021 #7
So each kid can get 15k tax free, correct? bif Dec 2021 #8
With two parents, each gifting, the kid gets $30K. sinkingfeeling Dec 2021 #9
IRS link .... eppur_se_muova Dec 2021 #10

eppur_se_muova

(37,389 posts)
10. IRS link ....
Mon Dec 27, 2021, 06:56 PM
Dec 2021

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)

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