When You Make Cash Gifts To Your Children, Who Pays The Tax?

A very common question that we frequently receive from clients is “If I want to make a cash gift to my kids, do I have to pay gift taxes?” The answer to that question depends on number of items such as:

The amount of the gift
Your lifetime exclusion limit
What state you live in


However, there are other things to consider beyond just these items that I’m going to cover in this article such as:

How gifts are taxed
The annual gift limits
Your lifetime gifting limits
Cash vs Non-cash gifts (cars, houses, stock)
Tax forms that need to be submitted to the IRS
Advanced gifting strategies
Beware the cost basis pitfall when gifting

Contact Michael Ruger with Questions: 518-477-6686 or [email protected]
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