How much money can I give to my son and daughter-in-law without incurring a tax issue with the IRS? -Irwin For 2023, you can give your son and daughter-in-law each $17,000 without having to deal with ...

If a gift exceeds the annual limit, the giver is responsible for filing a gift tax return using IRS Form 709. This form tracks lifetime gifts given by the donor, but the recipient faces no tax ...

Typically, the gift tax return is due on April 15 of the year ... You must report all gifts over the annual exclusion limit to the IRS using Form 709. You should only file one Form 709 per ...

For many Americans, offering a $60,000 gift to pay for a child’s wedding probably isn’t something to worry about from a tax perspective. You could owe federal gift taxes if your lifetime gifts are ...

If you exceed the annual gift tax limit, you may have to file a federal gift tax return (IRS Form 709). But exceeding the limit doesn't necessarily result in owing tax, thanks to a high lifetime ...