how much money can a parent gift

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  • What is the maximum amount of money a parent can gift?

  • For tax years 2020 and 2021, the annual gift tax exclusion stands at $15,000 ($30,000 for married couples filing jointly.) This means your parent can give $15,000 to you and any other person without triggering a tax. But let鈥檚 say your dad gives you $20,000 after your wedding.

  • How much money can I gift my child without paying tax?

  • Parents are allowed to gift their children $15,000 each per year without paying a gift tax.

  • How much money can you legally give as a wedding gift?

  • The Internal Revenue Service (IRS) has very straightforward rules on gifting money. In 2021, you can give up to $15,000 ($16,000 in 2022) per person each year; your spouse can do the same, which allows for a joint gift of $30,000 per person annually ($32,000 in 2022).

  • How much money can you give to a family member?

  • In 2019, you can give up to $15,000 to an individual each year; your spouse can do the same, which allows for a joint gift of $30,000 annually. If you want to give more than that, you can dip into the $11 million-plus you鈥檙e allowed to give away during your lifetime or at death.

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