Question

constodial accounts

Forum|Forum|6 years ago
March 15, 2020
1 reply
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I have custodial accounts for my grandchildren. How large of a gift may I give them without it being taxed.

Employee

If you gift an individual more than $15,000 then you must file a form 709 (gift tax return) to report that. There is no actual tax - it just deducts from you lifetime $11.58 million exemption. (You and your spouse could each gift $15K for a total of $30K and no 709 would be required.)

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**