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Reply to "What is the max per year parents can gift children tax free?"
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[quote=Anonymous][quote=Anonymous]What is the max per year before one owes estate tax? I looked it up and it said $13M but that can’t be for living parents in one year, right? Parents are living and would like to gift towards house down payment $30,000. Thanks. [/quote] The $13M is a lifetime limit, and PP is right, there's paperwork (although I don't think it's especially onerous). A person who receives $30K for a house payment could only inherit $13M - $30K tax free. Or, I hope, inheritance law will change to something less than $13M. But for now, that's the cap. [/quote]
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