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How much can I give my kids before paying IRS Gift Tax?

Mr. Retirement with Jeremy Keil, CFP®, CFA 200 views

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My mom paid off medical bills for my cat 🐈 this year Would I have to include this in my taxes for 2025, given the $19,000 is surpassed, or would this be considered an exemption since she paid directly to a medical institution / care credit and it was for medical purposes? brbrThank you!
Comment from : @Nicole06042

Practically speaking, how much effort will the IRS put in to auditing small overages? Not asking about large transfers of wealth, but regular spending An adult child still using parent's credit card Card doesn't separate users, so charges can easily be either parent (although child is on their own in a different state, which only makes the effort more convoluted as parents visit often) or the child In an audit, would the agent expect me to produce a spreadsheet of downloaded transactions and show the the year's charges were, in fact, under $38,000 (for 2025 $19K limit)?
Comment from : @JoeTaxpayer

Thanks for the Good information Now if my kids receive my gift money annually or big lump sum of $200K do they have to pay income or other taxes?
Comment from : @ryanmax1772

How much tax (gift recipient) do they have to pay , on the amount they receive as gift ? brSince the donar has already paid taxes on money he is giving as gift ?
Comment from : @virenm7669

How about taxes on receivers of gifts ?How much do they have to pay on received gifts ?
Comment from : @MySmallWorld

How does this work with capital gain tax on an apprecitated stock? You can not gift it and not pay the capital gains can you?
Comment from : @RiisOrben

No tax, it’s been heavily tax as income!
Comment from : @ypage8343

Insidious tax system that taxes money I might give away that I've already earned & probably paid taxes on 😡
Comment from : @theodorejay1046

very good information that I suspect is largely unknown to most of us
Comment from : @needtoknowbasis5620

The Biden family fund washes all monies clean! Just like the Clinton fund!
Comment from : @donjohnson3701

I already paid tax on it I dont report a thing I hide it various ways I did buy a few hundred thousand of bitcoin, printed out the numbers and gave each of the kids a copy It is unethical for the government to re-tax money already taxed Sorry but I would never report it Cash is so easy just to physically give
Comment from : @BobSmith-u9l

And don‘t forget that the Estate Tax Exemption was MUCH lower in previous years Don‘t think that the Democrats are interested in letting you keep your estate for your children, either!
Comment from : @rcchin7897

The irs is extremely corrupt
Comment from : @jamescraig1343

Please send me a couple of million dollars so we can prove to the readers that it is true Lol! Excellent video
Comment from : @biffhenderson1144

Most of my relatives are MAGA, they dont' get a dime from me
Comment from : @jlsc4125

I understand what you explained about my reporting requirements as the giver/donor Thank you Just one question: If I give my son $100,000 does HE have to report it to the IRS?
Comment from : @helent1835

He doesn't say anything about submitting a gift tax form for larger gifts
Comment from : @raywood1136

Thank you for this video Just to clarify, for example, if I give my daughter $50,000 in 2025 technically I'm over the gift limit of 19,000 but neither of us pay any taxes on the amount over 19,000 until I hit whatever that million-dollar limit is of the lifetime correct? So as long as I report the 31,000 which is over the limit of 19,000 on a form I don't pay taxes on it I'm just letting the IRS know that I went over my limit correct? In addition she pays no taxes either correct? is there a form she would have to file for the IRS on her end of it if I give her $50,000 in 2025 instead of the limits of 19 or does that cover both of us and does she report this as income when she files her taxes? Thank you again you gave a very good explanation I appreciate it
Comment from : @jy3604

Question: Is the exclusion applicable to a Non US Resident as well?
Comment from : @philipphan261

The 2 billion given to Jared Kusner by Saudi Arabia doesn’t count because that is just plain bribery
Comment from : @Lycogol

What happens if you pay someone’s bill directly to their account? In other words no money is going directly to your family member or friend
Comment from : @patriciaanzelc5386

But is that gift taxable to the donee? Did you mention that? I don't remember
Comment from : @morganfbilbo462

Give it in cash, Keep your mouth shut No problem It's no ones business
Comment from : @tonyhelms5904

I think 98 of us will be safe, taking the under on that bet
Comment from : @timothydukeman7619

How much can foreign adversaries give to politicians through lobbyists after giving tax dollars to the same foreign governments which is the textbook definition of money laundering…
Comment from : @SaintCuthbertoftheCudgel

Can I give my friend for the next 20 years the exclusion amount ever year to avoid filing Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return?
Comment from : @mrbigcat9

Yikes!brOne more piece of the puzzle showing the inequalities of our tax policies
Comment from : @kenhunt5153

Gift taxes and inheritance taxes are unethical money grabs by the government
Comment from : @Lokie-cd2hw

What about the kids giving to the parents My 3 kids make more than my wife and ever made What can they give my wife and I
Comment from : @bbbb6066

I can give any amount of money to my kid in cash and never report it! Who actually reports that? 😂
Comment from : @Jessica37323

Why should the government have or need any knowledge of what I giftto anyone? That is the important question
Comment from : @user-zn7lz8tv8s

Already paid taxes on this money What I do with it is no one’s business
Comment from : @mrxmrp8795

How much is gift tax beyond $18000/ person?
Comment from : @talajon5469

Want to simplify things? Repeal the 16th amendment, and do away with the IRS But many tax experts will oppose that, because it would affect their income
Comment from : @jjwwqq

Is the lifetime limit for each giftee or the total lifetime gifted to multiple giftees?
Comment from : @OttawaMikes

if it's cash no one knows how much you give if you want to give money to someone why is there a tax on it in the first place
Comment from : @bradbradshaw-i4n

How does this affect donee’s tax liability
Comment from : @TosaJoe

So what is the tax liability; is it based on the total amount given, or just what is above the allowed amount?
Comment from : @Cybrdude21

It’s important for spouses to document each irrevocable gift when exclusions are combined and a 709 isn’t filed For example, if a married couple gifts $36,000 to child in 2024 (2 x $18,000 exclusion) from a joint or trust account, arguably the IRS doesn’t know if the funds came from one spouse or both, or the split Naturally, one can assume that funds gifted from a joint account or trust is a 50/50 split, but not the IRS; therefore, one should document the gift and include it with their estate planning documents should the IRS ever challenge the gift following the death of either one or both spouses
Comment from : @Imsierrabound

It’s my money Show me the Law or Constitutional basis that the IRS can tell me how I use my money? FYI - SCOTUS ruled the Chevron Deference of 1984 is now UnConstitututional for all Federal Agencies which means the Regulations and Codes they make no longer have the weight of Law - Because they did not go thru Congress
Comment from : @rickstokes2239

$13 Million (lifetime exemption)
Comment from : @pfknob

I assume you are only talking about Fed taxes Does this change for state taxes?
Comment from : @john9663

How about the Biden Family??
Comment from : @gordyh1

If I wrote a check for Christmas to a person for $18k does the check need to be cashed and the money removed from my account before the end of 2024 in order to be part of the exclusion for the year or is the date on the check what counts? brFor example : I give a person a check for $18k on 12/25/24 as a gift toward the purchase of a vehicle Do they need to cash that check prior to the end of the year in order for it to count toward my 2024 exclusion? If they wait and don't cash it until January is that now going to be counted toward my 2025 exclusion for that donee?
Comment from : @theresad6990

This applies when the kid is Not on you 1040?
Comment from : @1001legoboy

Elon Musk is worth roughly 400 billion dollars If it were in bank accounts he could give it all away by dividing it 18,000 and giving 23 million people each an equal amount He wouldn't need to report it or pay any taxes on it
Comment from : @psdaengr911