Tax situation on a gift of cash

[banzaibill]

I plan on giving both my son and his wife, my daughter-in-law a large gift of cash.  What are the tax ramifications?

[jkellett2]

If you give more than $16,000 in cash or assets (for example, stocks, land, a new car) to any one person in 2022, you need to file a gift tax return.  That amount goes up to $17,000 in 2023.

So you could give each of them up to the limited amount and you would not have to report it.  If the amount to either, or both, of them is more, then a gift tax return is required.

The son and daughter-in-law do not have to report the gift on their tax return, regardless of the amount.