How much money can you gift without taxes?

[RSKY]

Thanks for the info.

RSKY

 

[Tpondel]

When needing qualified financial and tax advice, always best to go to a tractor forum.

 

[riptides]

When needing qualified financial and tax advice, always best to go to a tractor forum.

Someone will always point out to seek professional help.

Others point out direct experience.

Is good to cover all bases and be open to others experiences.

 

[dougtrr2]

If you want to check and see how the process works I am willing to send you my full name and address so you can send me a check. Heck, I'll even drive there and pick up the check in person.

Doug in SW IA

 

[KennyG]

I max out on the allowable (non-reportable) gifts to my kids every year, not because they need it or because I think I will exceed the current estate tax threshold, but because the estate tax limits can be changed any year with the stroke of a congressional pen. At the rate debt is increasing I think it's only a matter of time before they start looking for any politically acceptable way to generate more government income.

 

[riptides]

I max out on the allowable (non-reportable) gifts to my kids every year, not because they need it or because I think I will exceed the current estate tax threshold, but because the estate tax limits can be changed any year with the stroke of a congressional pen. At the rate debt is increasing I think it's only a matter of time before they start looking for any politically acceptable way to generate more government income.

Better to give while alive, so many factors come into play. Control, satisfaction, pride, emotions, direct results,,etc. etc.

 

[RSKY]

When needing qualified financial and tax advice, always best to go to a tractor forum.

I have sought advice elsewhere. But this forum has a wide range of people on it and can give advice from different perspectives. Stay on here long enough and you will see everything discussed.

RSKY

 

[WinterDeere]

19k per person.

You and your wife - 38k.

And it can be $19k per giver per receiver. So if recipient is a family of four, you and your wife can give up to $38k to each of the four per year, before worrying about tax penalties. Since we're nearing the end of 2025, you and your wife could actually do up to $76k per recipeint over the next two months.

Do note that you will get hit with gift taxes if you exceed lifetime amounts, but those are up around $14M per person, so not an issue for most.

 

[RSKY]

And it can be $19k per giver per receiver. So if recipient is a family of four, you and your wife can give up to $38k to each of the four per year, before worrying about tax penalties. Since we're nearing the end of 2025, you and your wife could actually do up to $76k per recipeint over the next two months.

Do note that you will get hit with gift taxes if you exceed lifetime amounts, but those are up around $14M per person, so not an issue for most.

The $14M would not be an issue for us.

Your reply is what Mr. Google told me BEFORE I even posted the question to TBN. But, I have found that in a lot of different issues discussed here details come out that you cannot hear about elsewhere. Thanks for the reply.

RSKY

 

[CliffordK]

One of the exemptions is that the gift beyond the $19K limit can essentially be a loan against the estate. As long as the estate is less than $14M, or whatever it is when the person passes on, then one is OK. Although there may still be some state taxes owed.