Gifting cash to adult children
How much cash can I give adult children with no tax paid by them?
Terry Says
You can give ANY amount to your children, or anyone else, and THEY will owe no tax on the gift. BUT you have a lifetime gift and estate tax exception of $5.45 million, as does your spouse. If you don't go over that limit in your lifetime, or after your death, there are no taxes involved. IN ADDITION to the above limitation, you and your spouse can each give up to $14,000 a year to anyone, an unlimited number of people, without having it being included in the huge lifetime exemption. Recipients of gifts do not pay taxes. Givers do not get a deduction for a gift unless it is made to a recognized non profit organization. So give your children as much as you want -- making sure you have enough left for yourself! And keep careful records of all gifts for your ultimate estate tax calculations.
