Monetary Gifts
You have spoken about giving monetary gifts to family members. If I give my daughter money, what must be done for my taxes? Forms or documentation or is there a tax credit for me
Terry Says
Nothing — as long as the gift is under $15,000 a year — which jumps to $16,000 in 2022.
If it’s a larger gift, you can keep records and it will be applied to your estate and gift tax limit when you die. That limit is currently slightly over $11 million dollars — so I’m guessing that you don’t have to worry about filing a gift tax return at the levels you are considering gifting. If I’m wrong about that, consult an estate planning attorney.
