Money from Parents

[Dwruntas]

1. Is there a limit to the amount a parent can give to a child each year?

2. What ever the amount is, do I need to report in on my income taxes?

[Anonymous_ · Accepted solution]

There is a limit before a gift tax return (Form 709) would be required to be filed. That limit is $16,000 for 2022 and $17,000 for 2023.

See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e649

The recopient of the gift does not need to report the gift on their individual income tax return.