800K to my child during one year

[DesertDweller]

Can I gift 800K to my child during one tax year and not have to pay gift taxes?  I have gifted to him in prior years however the amounts total less than approximately 400K(but never more than the allowed annual exclusion).  I know I will have to complete  IRS form 709. Anything else I should know on this subject.

[Bsch4477]

Completion of Form 709 is all that’s required. Annual exclusion is $15,000 or $30,000 if given by a married couple. 

[MinhT1 · Accepted solution]

Yes, you can gift that amount to your child. He does not have pay taxes.

You will have to file a gift tax return (form 709) but you will not pay any gift tax as you have a lifetime exclusion of $11.2 million.

[AmeliesUncle]

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@DesertDweller wrote:

Anything else I should know on this subject.

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Yes.  Whenever you are dealing with such large amount of money, it is foolish to not be consulting a tax professional.