Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Can you still gift $14,000 with no tax consequence or paperwork?
Is there any way to gift more?
Print the post Back To Top
No. of Recommendations: 1
The lifetime gift exemption is ~$5M. That means there is no tax consequence to giving someone up to ~$5M in your lifetime. Yes, there is a form that needs to be submitted if you give someone more than $14k in any given year but that's no reason (IMHO) not to gift whatever amount is desired.

-Steph
Print the post Back To Top
No. of Recommendations: 0
Can a child gift $14000 to each Parent? ($28000)
Print the post Back To Top
No. of Recommendations: 4
Can you still gift $14,000 with no tax consequence or paperwork?

For 2018, the gift limit has been raised to $15k. The new TCJA law also doubled the lifetime exemption, so that a single person can give away up to $11.2MM, and a married couple can give away up to $22.4MM with no tax consequences, but they will have to fill out a relatively simple form if they exceed the gift limit in a single year.

Is there any way to gift more?

If you are married, you and your spouse can each give up to $15k, for a total of $30k. If the recipient is married, you can give $15k to each. So, up to $60k from one married couple to another married couple.

AJ
Print the post Back To Top
No. of Recommendations: 1
Can a child gift $14000 to each Parent? ($28000)

A child can gift $15k to each parent. If the child is married, their spouse can also give $15k to each parent, for a total of $60k.

AJ
Print the post Back To Top