Did you know that there’s U.S. laws that tell you how much money you can gift your kids?
Basically each parent can gift each kid (or anyone, can be a friend, cousin, etc…etc..) $13,000 a year without any reporting and taxes.
That means both parents together can gift each of their kids $26,000 a year without having to pay any taxes.
Of course, don’t forget to send “separate” checks from each parent, that will make it clear that it’s coming from each parent.What happens if you go over the annual limit of $13,000?
Uncle Sam gives