In 2024, you can give as much money to your kids as you want without immediate tax consequences, as long as you notify the IRS for gifts that exceed the annual gift exclusion, which is $18,000 per recipient for the year. If you exceed this annual exclusion, you will need to file a gift tax return, but you won't necessarily have to pay taxes on the excess amount unless your total lifetime gifts exceed the lifetime gift tax exemption — Provision Law Firm, PLLC

In 2024, you can give as much money to your kids as you want without immediate tax consequences, as long as you notify the IRS for gifts that exceed the annual gift exclusion, which is $18,000 per recipient for the year. If you exceed this annual exclusion, you will need to file a gift tax return, but you won't necessarily have to pay taxes on the excess amount unless your total lifetime gifts exceed the lifetime gift tax exemption.

For 2024, the lifetime gift tax exemption is $13.61 million per person, or $27.22 million for married couples filing jointly. This means you can give up to $13.61 million in gifts throughout your lifetime without triggering gift taxes. It's important to keep in mind that the lifetime exemption is cumulative, meaning it includes all the gifts you've made throughout your lifetime. If your total lifetime gifts exceed this exemption, then you may be subject to gift taxes on the excess amount.

Do you want to learn more about how the tax laws affect your individual situation? Schedule a complimentary phone call today!

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