legally in us how much can you give as a gift
Gift Limits. Regardless of your child's age, certain rules apply across the board if you want to give money tax-free. As of January 2015, you can give up to $14,000 individually or $28,000 as a married couple to your child annually without paying taxes. However, you must still file Form 709 for amounts above these levels. Furthermore, you can give up to $5.43 million in your lifetime without penalty, but using your exemption will also reduce your estate tax exemption by the same amount. Types of Gifts You can give your child a variety of different monetary gifts, including cash, securities, property or money in the form of trusts.