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-   -   Gifting Money to Children (https://www.askmehelpdesk.com/showthread.php?t=353120)

  • May 12, 2009, 08:02 PM
    shorrighs
    Gifting Money to Children
    I live in Florida and need to know how much I can give a child without them paying taxes on it.
  • May 12, 2009, 10:49 PM
    Clough

    Hi, shorrighs!

    I've moved your question out of Other Money & Services, as it will be much more likely to get noticed and receive the most helpful and professional answers in this forum topic area.

    Thanks!
  • May 13, 2009, 01:03 AM
    MukatA

    You can give gifts of up to $13,000 in a year to any number of individuals. If any gift exceeds $13000, you must file gift tax return. Read Your U.S. Tax Return: The U.S. Gift Tax
  • May 13, 2009, 07:24 AM
    Five Rings

    The person to whom you give the gift is NEVER taxed. It is the donar who is taxed.
    Now, you may give away up to a million dollars and still avoid paying a gift tax because that is the credit amount.

    Be sure to read Gift Tax

    If you are married, both husband and wife can each give EACH child 13,000 for a total each year of 26,000. Got it?

    You

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