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What amount can I give to my children per year that is tax free?
Wiki User
∙ 16y ago
== == There is no "income tax" on gifts in the USA, so you can give any amount you want. However, when you die, the estate taxes owed will be increased by the amount by which you exceeded your life-time gift tax exemption (gave away too much, currently well over a million dollars), not including the annual exclusion, per person, which is presently around $11,000.
You can give up to $11,000 per child (or to anyone else) per year. If you are married, your spouse can do the same thus increasing the annual gift to $22,000 to that same person. Beyond that amount, your estate will be responsible for the taxes, if you're lucky enough to die with a taxable estate and gave non-exempt gifts over a million dollars.
The amount changes from time to time, so check with your accountant or estate planner.
Wiki User
∙ 16y ago
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