- I Want to Give Money to My Son and His Wife. How Much Can I Give Without Triggering Taxes?
Let’s say that you would like to give money to your son and his wife. How much can you give them without triggering the gift tax? There are two answers to that. First, each year you can give them up to $19,000 without reporting the gift to the IRS. Second, in addition to this annual giving,… read more…
- How Much Money Can I Give My Grandchildren Without Triggering Gift Taxes?
Most households don’t have to worry about the gift tax. For 2025, you can give up to $19,000, per person, to as many people as you want without triggering any taxes. This is the annual exemption. Beyond this amount, you can give away up to $13.99 million in total over your lifetime without paying taxes… read more…
- I Want to Give $65k to My Daughter and Her Husband. Will We Have to Pay Taxes?
It is very rare for an ordinary household to owe money on gifts. The gift tax has a somewhat complicated two-tier structure. Each year you can give up to an annual amount (the “annual exclusion”) without paying, or even reporting, anything on your taxes. Then, over your lifetime, you have a significantly higher amount that… read more…
- Do You Have to Pay Taxes on a Cash Gift?
Gift taxes on cash gifts are usually the responsibility of the giver, though most do not owe tax due to the lifetime exclusion. Givers can also give up to a set annual limit per person without triggering gift taxes or needing to report the gifts. Recipients do not pay income tax on gifts, but they… read more…
- I Want to Give Money to My Son and His Wife. How Much Can I Give Without Triggering Taxes?
Let’s say that you’re an individual who wants to give money to two people, your son and his wife. Maybe this is to help with a wedding, down payment for a home or building a family. You can likely give away a good amount of money without incurring any taxes, but there may be some… read more…
- What Is the Annual Exclusion for Gift Taxes?
If you’re planning to give your children a financial head start or support a charitable cause that you’re passionate about, you will need to keep the annual exclusion for gift taxes in mind. This is the amount of money or property that an individual can give away to another person or entity within a single… read more…
- Do I Need to Worry About the Gift Tax If I Pay $60,000 Toward My Daughter’s Wedding?
For many Americans, offering a $60,000 gift to pay for a child’s wedding probably isn’t something to worry about from a tax perspective. You could owe federal gift taxes if your lifetime gifts are over the lifetime exclusion amount, though, but the limit is set quite high. More specifically, for 2024 it sits at $13.61… read more…
- I Want to Give Each of My Children $50,000. How Can I Avoid Taxes?
If you want to give each of your children $50,000, the IRS gift tax rules determine whether taxes apply. The annual exclusion allows you to give up to $19,000 per child (in 2025 and 2026) without any filing requirements. Anything above that can either be shared with a spouse through gift-splitting or applied against your… read more…
- What Is Gift Splitting?
Gift tax can apply when you give money or other assets to someone else. As the gift-giver, you’re responsible for paying any tax due. The IRS allows you to make financial gifts up to a certain exclusion limit each year… read more…
- Crummey Power: Gift Tax Exclusion
Establishing a Crummey trust is something you might consider if you’d like to leave assets to your heirs while avoiding gift taxes. One unique provision of this type of trust is the Crummey power, which allows the trust beneficiaries a… read more…
- Gift Tax, Explained: 2025 and 2026 Exemptions and Rates
The gift tax is a federal levy on the transfer of money or property to another person when equal value is not received in return. While it may sound cumbersome, most Americans will never pay a cent in gift taxes… read more…
- Understanding How to Gift Stocks
Gifting stocks is something you might consider if you want to help someone else build a portfolio. Or you could gift shares of stock you own to a charitable organization. There are different ways to gift stocks and it’s important… read more…