How Much Money Can You Receive from Your Parents Without a Gift Tax?

Learn the annual limits on tax-free gifts from parents in the U.S. and ensure you stay informed to avoid gift taxes.

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In the United States, parents can gift up to $17,000 per year per individual without incurring a gift tax, as of the current tax year. For married couples, this amount doubles to $34,000. Always check with a tax professional for up-to-date and personalized advice.

FAQs & Answers

  1. What is the annual gift exclusion for 2023? The annual gift exclusion for 2023 is $17,000 per recipient.
  2. Can couples give more money without taxes? Yes, married couples can give a combined amount of $34,000 per individual tax-free.
  3. Do I need to report gifts received from my parents? Generally, you do not need to report gifts received that are under the annual exclusion limit.
  4. What happens if I exceed the gift tax limit? If you exceed the gift tax limit, your parents may need to file a gift tax return, but it doesn’t generally mean tax is due.