Anyone here gone through $19K or $18K? Confused About Lifetime vs. Annual?

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Started by practical_advice_19 · Sep 11, 2024 · 0 replies
For informational purposes only. This is not legal advice.
CG
practical_advice_19OP

English isn't my first language so bear with me. I'm trying to set up a gifting program for my 5 grandchildren and I'm getting conflicting information everywhere. Some articles say $18K, some say $19K or something like that, and I keep seeing a "$13.99 million" number that has nothing to do with what I'm trying to give.

Questions: (1) How much can I give each grandchild in 2025 without triggering anything with the IRS? (2) My wife and I want to give together — does that double the amount? (3) We also want to pay for private school tuition for 2 of them — does that count against the limit?

TM
erin_c_law_14

Yes, exactly. The exclusion is per donor, per donee. You can give $19K each to your daughter, her husband, and both grandkids = $76K to that household. If your spouse also gives: $152K to that household. All annual-exclusion, no form required (unless you elect gift splitting).

The common mistake is thinking it's $19K per year total. It's $19K per person you give to. There's no limit on the number of recipients.

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