Gifting money to adult son
How much money per year can I gift to my son? I wanted to deposit/transfer the max amount of money allowable into one of our shared accounts. I live in Illinois, and he lives in Washington.
Terry Says
Before I give you the answer, let me ask you to reconsider WHY you might want to make this gift? Are you sure you will have enough money to cover your expenses in your old age?? Because if you give it away, you’ll never get it back!
And, if he happens to get divorced, his spouse will have access to half this money, in most states!
Are you sure you don’t want to wait until the end, after you die, to leave everything to him tax free???
The answer: In 2025, the IRS allows a $19,000 annual gift to be made outside the combined estate and gift tax.
