topic 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? in Retirement tax questions

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 — Wed, 28 Aug 2019 23:04:03 GMT

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?

Re: 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?

DoninGA — Wed, 28 Aug 2019 23:07:53 GMT

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

Re: 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?

VolvoGirl — Wed, 28 Aug 2019 23:08:22 GMT

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.

Re: 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?

xmasbaby0 — Wed, 28 Aug 2019 23:53:55 GMT

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-11-2-million-per-couple/#3226e75d4a4b