Report gifts to children

WGater
WGater Member Posts: 1 Newcomer
in Filing my taxes

I gave each of my daughters a 10K to 15K gift in 2024. Do we have to report it on our returns?

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Answers

  • CoryF
    CoryF FreeTaxUSA Agent Posts: 126

    Hello.

    You do not report Gifts to individuals including family members that fall under a certain value of Cash as an exception. The exception for 2024 is $18,000 per gift per person. You can find a table using the FAQs for Gift Taxes on the IRS website (question: How many annual exclusions are available).

    You mentioned that the amounts given were 10K to 15K. As long as these amounts stay under 18K then you don't report the gift on your tax return and your daughters don't file a tax return to report the Gift Income.

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