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C
cap1919!
April 15, 2023
Question

How can i pay my childn12000 a year tax free?

  • April 15, 2023
  • 1 reply
  • 0 views
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1 reply

P
PattiF
April 15, 2023

You can give a gift to your children of $12,000 without having to report the transaction. That would be tax-free for the giver and the recipient.

 

For 2022, the gift limit before reporting on Form 709 for the gift tax was $16,000. Amounts over $16,000 would be tax-free but would need to be reported on the gift tax form.

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