How much is the annual limit for a tax free money transfer from me to my son who is over 21 years old?
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The annual exclusion for 2024 is $18,000.
For 2024, the annual gift tax limit is $18,000. (That's up $1,000 from last year's limit since the gift tax is one of many tax amounts adjusted annually for inflation.) For married couples, the combined 2024 limit is $36,000.
Understand that you can give much more but will then have to file form 709. Since the gift/estate tax is over 12 million dollars you don’t have to worry about paying taxes on the gift.
The annual exclusion for 2024 is $18,000.
For 2024, the annual gift tax limit is $18,000. (That's up $1,000 from last year's limit since the gift tax is one of many tax amounts adjusted annually for inflation.) For married couples, the combined 2024 limit is $36,000.
Understand that you can give much more but will then have to file form 709. Since the gift/estate tax is over 12 million dollars you don’t have to worry about paying taxes on the gift.
Thanks for your prompt and clever response Vanessa, just to reconfirm if my son doesn't have to pay taxes on the monetary gift he will receive from me? thanks
No. He does not have to pay the taxes on a gift. Even if you transfer him $500,000, he would not pay the taxes, you would if you went over your lifetime exclusion which was $12.92 million in 2023.
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