Q: You talked about gifting your kids money last month, and my husband and I want to give our son and his wife more than $50,000 so they can buy a house. Can we do that and not have to file anything?
A: Yes, actually you can. The gift limit is $14,000 per person per year. So you can write your son a check for $14,000, and write you daughter-in-law a separate check for $14,000. Then your husband writes your son a check for $14,000 and your daughter-in-law another check for $14,000. So you write four checks which total $56,000. If you need to do more than that, split it between 2 different years. You can easily get a lot of money gifted without having to file a gift tax return. For more details on how this can work for you, please call our office, we’d love to help.