Family Estate Planning Attorney in Portland, Oregon
How much can I gift to my children each year without paying taxes?
How much can I gift to my children each year without paying taxes?
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Each year, individuals can gift $18,000 per person, and this amount is tax-free. This means there is no need to pay gift taxes, file a gift tax return, or reduce the overall lifetime exemption from gift or estate taxes. This amount is periodically adjusted by the federal government, which is why working with a qualified estate tax planning attorney is essential; they can provide guidance on changes in the law to help maximize planning opportunities.
Most states do not have gift tax laws. For example, in Oregon, Washington, and Texas (which is among the least tax-restrictive states), there is no gift tax or gift tax limits. Therefore, gifting primarily becomes a federal concern.
Portland, OR estates & probate attorney Sara Winter talks about how much you can gift to your children each year without paying taxes. Each year, individuals are allowed to gift $18,000 per recipient, tax-free. This provision means there is no requirement to pay gift taxes, file a gift tax return, or reduce the individual’s overall lifetime exemption from gift or estate taxes. This gift limit is periodically adjusted by the federal government, making it beneficial to work with a qualified estate tax planning attorney who can provide up-to-date advice and help clients maximize these planning opportunities.
Most states do not impose gift tax laws. For instance, in Oregon, Washington, and Texas—one of the most tax-friendly states—there is no gift tax or limit on gift amounts. As a result, gift tax considerations are largely a federal matter.
