Gifting Money to my Children and how to I record it in my income tax that I file

[wdheidmann]

If I want to give money to my 3 children, how do I do it within the tax laws?

[Bsch4477]

You can give up to $15,000 ($30,000 if giving jointly) to each child without any reporting. Gifts great than that require you to file form 709 which is filed separately from your 1040 return. 

[VolvoGirl]

You don't report gifts given or received on your tax return.  Only gifts to IRS qualified charities.   If you give one person 15,000 or more you need to file a separate 709 Gift Tax return, but there won't be any tax due on it.

[xmasbaby0]

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...