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    shorrighs's Avatar
    shorrighs Posts: 2, Reputation: 1
    New Member
    		  
    #1

    May 12, 2009, 08:02 PM
    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.
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
    Uber Member
    		  
    #2

    May 12, 2009, 10:49 PM

    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!
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    May 13, 2009, 01:03 AM

    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
    Five Rings's Avatar
    Five Rings Posts: 459, Reputation: 7
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    #4

    May 13, 2009, 07:24 AM

    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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