how much money can you give a family member tax free
Gift Tax. If you really break the bank on the gifts to your family members, you might owe extra money in taxes. You can give away $13,000 per year each to as many people as you want, tax-free.If you give someone more than $13,000 worth of property in one year, you've made a taxable gift.The total value given over $13,000 for the year is the taxable gift. However, you are still a long way from owing taxes.ou can give away $13,000 per year each to as many people as you want, tax-free. If you give someone more than $13,000 worth of property in one year, you've made a taxable gift. The total value given over $13,000 for the year is the taxable gift. However, you are still a long way from owing taxes.