How much can you give a family member a gift?

Structure Gift Giving Appropriately Once you give a family member a gift for an appropriate amount, keep in mind the 2024 tax rules for gift-giving. Every taxpayer can gift up to $18,000 per person, per year. This is called the annual gift tax exclusion amount.

How much can a married couple give a year?

Every taxpayer can gift up to $18,000 per person, per year. This is called the annual gift tax exclusion amount. A married couple filing jointly can each give $18,000 ($36,000 total) to the same person in one year with no gift tax reporting consequences. If the amount given to one person exceeds $18,000, a gift tax return must be filed at tax time.

Should parents give the same gift every year?

A common mistake that parents make is gifting the same amount every year for the holidays. You may be setting the expectation that such gifts will continue forever. Consider having a conversation about why you are gifting to your family member. If you’re providing a one-time gift for support, make sure they know that.