@tomwozniak1950 wrote:
I want to gift my 3 children $50,000.00 each. Do I or they have to pay any taxes on it?
Probably not since you can use the lifetime exemption of $11.58 million (for 2020), but you will have to prepare and file Form 709 if you give more than $15,000 to any one donee.
See https://www.irs.gov/instructions/i709#idm140554801429376
