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    sharrielu1's Avatar
    sharrielu1 Posts: 3, Reputation: 1
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    #1

    Apr 10, 2008, 04:53 PM
    Gift of money to child?
    In the state of Wisconsin how much money can a parent gift a child without being taxed on it?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Apr 11, 2008, 05:46 AM
    WI does not have a gift tax, so no problem there. As for the feds - any individual can gift up to $12,000 to another individual in a year without tax consequence. A couple filing as Maried Filing Jointly can together gift up to $24K. If you gift more than that, there are implications regarding the lifetime exemption of $1M for gift and estate taxes. See Pub 950 for details:

    Publication 950 (8/2007), Introduction to Estate and Gift Taxes
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