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Level 2

Solved

Money transfer for sons

4 replies
58 views

How much is the annual limit for a tax free money transfer from me to my son who is over 21 years old?

Ask the Experts - Refund II - April 2024

Vanessa AAnswer

Alumni - Intuit

The annual exclusion for 2024 is $18,000.

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Vanessa AAnswer

Alumni - Intuit

The annual exclusion for 2024 is $18,000.

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Level 15

For 2024, the annual gift tax limit is $18,000. (That's up $1,000 from last year's limit since the gift tax is one of many tax amounts adjusted annually for inflation.) For married couples, the combined 2024 limit is $36,000.

Understand that you can give much more but will then have to file form 709. Since the gift/estate tax is over 12 million dollars you don’t have to worry about paying taxes on the gift.

moscosamykaillAuthor

Level 2

Thanks for your prompt and clever response Vanessa, just to reconfirm if my son doesn't have to pay taxes on the monetary gift he will receive from me? thanks

Alumni - Intuit

No. He does not have to pay the taxes on a gift. Even if you transfer him $500,000, he would not pay the taxes, you would if you went over your lifetime exclusion which was $12.92 million in 2023.

Gift Tax Made Simple

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