How much money can I give my child each year without tax penalties?

Asked almost 5 years ago - Huntsville, TX

Money gift to an adult child.
How much per year is non-taxable?

Attorney answers (1)

  1. Steven J. Fromm

    Contributor Level 20

    Answered . Currently, each year you can give $13,000 per child (annual donee exclusion) and if you are married you can give $26,000 with a so-called spousal joinder. In addition, you can give an unlimited amount for education and medical costs, but such payments must meet certain requirements such as the payments being made directly to the university or school or medical insitution.
    Also, you have a $1,000,000 lifetime exemption that can be utilized.
    However, be aware that gifts in trust must be carefully set up to take advantage of the annual donee exclusion and lifetime exemption.

    Hope this helps.

    Mr. Fromm is licensed to practice law in PA. The response herein is not legal advice and does not create an attorney/ client relationship. The response is only in the form of legal education and is intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received.
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    Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.

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