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I am thinking of making giftsto my children, but I have heard there is a tax on gifts. When does the tax apply?

April 26, 2017children gifts heard tax thinking

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I am thinking of making giftsto my children, but I have heard there is a tax on gifts. When does the tax apply?

1 Answer

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10 Posted

A. A person can give up to $13,000 per year per person to an unlimited number of recipients without gift tax. Gifts over $13,000 in a year to a single donee are “taxable gifts,” for which a gift tax return must be filed.