Can I gift money to my 2 kids for a tax break? and if I can, would my kids have to show this as income on their taxes? also, my kids are 16 and 21, do their ages matter?

tprice1965 · ‎June 4, 2019

SweetieJean · ‎June 4, 2019

There is no tax break for gifting money to your children.

DoninGA · ‎June 4, 2019

Gifts given to an individual are not reported on nor deductible on a tax return.

Gifts received from an individual are not reported on a tax return, regardless of the amount received.

If the gift given to an individual is greater than $15,000 (2018) then that gift given is to reported to the IRS on Form 709.

tprice1965 · ‎June 4, 2019

Thank you very much.

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