When gifting our grown kids, if my wife and I exceed the annual limit of $15,000 will we be actually taxed or does the amount over just go against the lifetime limit?

[Godinbs]

Let's say we gave one grown kid $25,000 more in one year than allowed, $15,000. If I file the IRS 709 do I actually get taxed or does the excess just go against the lifetime limit? I am wondering if I really get taxed if I exceed the $15,000 limit?

[DoninGA]

There are no gift taxes assessed until you reach your lifetime limit of $11.18 million

[VolvoGirl]

Just goes against the lifetime limit.  But you can give 15,000 to a person and your wife can give 15,000.  So that's 30,000.  And if you give to a couple you and your wife can give 15,000 to each spouse so that increases the total to 60,000 from both spouses to both spouses.

[xmasbaby0]

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-...