How much money can you give your children as a gift each year tax free?

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What is considered a gift? Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
What can be excluded from gifts?
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.
1. Gifts that are not more than the annual exclusion for the calendar year.
For tax year 2009 or 2010 one family member can gift to any other number of family members up to $13,000 each without any reporting by either party each year.
The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.
If you give any one person gifts in 2009 or 2010 that were valued at more than $13,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts each year.
For more information go to the IRS.gov website and use the search box for publication 950, Introduction to Estate and Gift Taxes, IRS Form 709 United States Gift Tax Return, and Instruction for Form 709.
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