What is the maximum I can “gift” to each of my adult children per year? As long as I don’t exceed the maximum, do I declare any of this on “my” tax return? Do my adult children declare any of this on “their” tax returns? Thank you in advance.
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The maximum is $18,000 in 2024 to your adult children and any number of people every year, without facing any gift taxes or filing a gift tax return. The recipient does not need to report the gifts.
Further details: https://turbotax.intuit.com/tax-tips/estates/the-gift-tax/L1sFpFeXV##
@Dave991 wrote:
....Do my adult children declare any of this on “their” tax returns?
No, your children, as donees, do not report the gifts on their tax returns.
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