Tax on gift to people

[coring56]

I plan to gift about 250k from the sale of my house. What's the max I can gift each person and how much will I be taxed 

[DoninGA · Accepted solution]

There is no limit on how much you can gift to a single individual.  However, if the gift you give is greater than $15,000 (2018) to a single individual you will have to complete and file an IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.

Gifts give to an individual are not reported on a US Federal Tax Return.  Gifts received from an individual are not reported on a US Federal Tax Return, regardless of the amount received.

There will not be any gift taxes owed if your aggregate giving has not equaled $11.18 million or more (2018).  TurboTax does not support IRS Form 709.

If the gifts are given in 2018 you will need to wait for the IRS to release the 2018 edition of Form 709.  This should probably occur in December 2018 or early in 2019.  The Form 709 has to be filed on or before the due date of the 2018 tax return, April 15, 2019.

IRS Form 709 (2017) - https://www.irs.gov/pub/irs-pdf/f709.pdf

IRS Form 709 instructions (2017) - https://www.irs.gov/pub/irs-pdf/i709.pdf

[DoninGA]

Edited answer for clarity...