Month: October 2020

Q: I’ve heard that I can make a $15,000 ($15,000 per year in 2021 and $16,000 per year in 2022) tax-free gift to someone every year. What happens if I make a $100,000 gift to my child one year? Do I pay a gift tax? Does my child?

2022 update: $15,000 per year in 2021 and $16,000 per year in 2022 A: The short answer is NO: you almost certainly will NOT have to pay any gift taxes. Remember, under current law, you can make $11.58 million dollars’ worth of gifts in your lifetime without incurring...