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    amfg1959's Avatar
    amfg1959 Posts: 1, Reputation: 1
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    #1

    Oct 24, 2010, 06:16 AM
    What happens when a tax exempt parent gives a cash gift to his adult children?
    100% service connected senior parent is tax exempt. If that parent wants to give money to his adult children now, instead of waiting until he passes... 1) is there a limit to the amount he can give to each of his children, 2) would his children need to pay taxes on that cash gift?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Oct 25, 2010, 06:11 AM

    amfg1959 - what country's taxes are you referring to?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Oct 25, 2010, 03:55 PM
    Assuming you are in the United States, the annual gift exclusion is $13K per recipient of the gift with NO tax issues whatsoever.

    If you give MORE than $13K, then you have some filing requirements, but likely will have to pay NO gift taxes.
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