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    ruthy1953's Avatar
    ruthy1953 Posts: 1, Reputation: 1
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    #1

    Sep 23, 2013, 12:40 PM
    Legal monetary gift maximum per year 2013
    What is the maximum monetary gift for the year 2013? This question is regarding parents gifting children without tax ramifications
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Sep 23, 2013, 12:43 PM
    13K per parent
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Sep 23, 2013, 12:46 PM
    For 2013 you can give up to $14,000 without any tax concerns. If you give more than that you must file a gift tax return, though it's unlikely that any gift tax would actually be owed. And since you used the plural word "parents" - each parent may give $14K to the same child, for $28K total.

    Scott - the exclusion used to be $13K for 2009-2012, but is $14K for 2013 and beyond. Reference: http://www.irs.gov/Businesses/Small-...-on-Gift-Taxes
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Sep 23, 2013, 01:03 PM
    Didn't hear that they changed it, thanks for the correction.
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