Gift tax

[Dave991]

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.

[evelynm]

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##

[tagteam]

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@Dave991 wrote:

....Do my adult children declare any of this on “their” tax returns?

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No, your children, as donees, do not report the gifts on their tax returns.