Anyone know the rules for giving a child (my son is 15) $$ tax free? I'd like to start transferring money to him in an account now that he can use later in life (for a house, trip, wedding, etc).
I think the limit is $28,000 annually, but I'm not sure if I need to do something specific to note it on the tax return. Also, I'm not sure what the cut-off date is (i.e. 12/31/13 or 4/15/14).
Any other issues I'm missing, please give me your thoughts. I'd like to gift the max to him for the next 10 years. I also need to do some estate planning soon, I need to make it a priority. Thanks,
I think the limit is $28,000 annually, but I'm not sure if I need to do something specific to note it on the tax return. Also, I'm not sure what the cut-off date is (i.e. 12/31/13 or 4/15/14).
Any other issues I'm missing, please give me your thoughts. I'd like to gift the max to him for the next 10 years. I also need to do some estate planning soon, I need to make it a priority. Thanks,