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Personal Finance and Investing

bif

(22,720 posts) Mon Dec 27, 2021, 09:44 AM Dec 2021

1

Is there a limit to how much you can give your child tax free?

I heard it used to be $14,000/year. Has this changed?

10 replies

= new reply since forum marked as read

Highlight:

Is there a limit to how much you can give your child tax free? (Original Post) bif Dec 2021 OP

My dad thought it was $0 nt doc03 Dec 2021 #1

Funny mine too. jimfields33 Dec 2021 #2

Good one! bif Dec 2021 #4

It's 15 this year janterry Dec 2021 #3

Is that per parent? multigraincracker Dec 2021 #5

doesn't that depend on how you file? janterry Dec 2021 #6

Yes, each parent can gift up to $15K in 2021. sinkingfeeling Dec 2021 #7

So each kid can get 15k tax free, correct? bif Dec 2021 #8

With two parents, each gifting, the kid gets $30K. sinkingfeeling Dec 2021 #9

IRS link .... eppur_se_muova Dec 2021 #10

doc03

(35,346 posts)

1. My dad thought it was $0 nt

Reply to bif (Original post)

Mon Dec 27, 2021, 10:13 AM

Dec 2021

jimfields33

(15,823 posts)

2. Funny mine too.

Reply to doc03 (Reply #1)

Mon Dec 27, 2021, 10:15 AM

Dec 2021

bif

(22,720 posts)

4. Good one!

Reply to doc03 (Reply #1)

Mon Dec 27, 2021, 10:30 AM

Dec 2021

My dad was the same way.

janterry

(4,429 posts)

3. It's 15 this year

Reply to bif (Original post)

Mon Dec 27, 2021, 10:17 AM

Dec 2021

headed up to 16 next year

multigraincracker

(32,688 posts)

5. Is that per parent?

Reply to janterry (Reply #3)

Mon Dec 27, 2021, 10:51 AM

Dec 2021

Can it be a total or $30.

janterry

(4,429 posts)

6. doesn't that depend on how you file?

Reply to multigraincracker (Reply #5)

Mon Dec 27, 2021, 10:59 AM

Dec 2021

n/t

sinkingfeeling

(51,457 posts)

7. Yes, each parent can gift up to $15K in 2021.

Reply to multigraincracker (Reply #5)

Mon Dec 27, 2021, 11:08 AM

Dec 2021

bif

(22,720 posts)

8. So each kid can get 15k tax free, correct?

Reply to sinkingfeeling (Reply #7)

Mon Dec 27, 2021, 11:33 AM

Dec 2021

sinkingfeeling

(51,457 posts)

9. With two parents, each gifting, the kid gets $30K.

Reply to bif (Reply #8)

Mon Dec 27, 2021, 11:34 AM

Dec 2021

eppur_se_muova

(36,269 posts)

10. IRS link ....

Reply to bif (Original post)

Mon Dec 27, 2021, 07:56 PM

Dec 2021

The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift. The annual exclusion for 2014, 2015, 2016 and 2017 is $14,000. For 2018, 2019, 2020 and 2021, the annual exclusion is $15,000. For 2022, the annual exclusion is $16,000.

https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes (fifth bullet point)

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