Submitted By: someone
Answered: March 14, 2019 10:29 pm

I know I can give cash gifts to my grandchildren tax free, but can I also make such gifts to my sons and daughters-in-law?

Gifts are not deductible for income tax purposes, but may be exempt from gift taxes. For 2019 you can give up to $15,000 per recipient (same as for 2018) without being subject to gift tax. There is no limit on the number of people to whom gifts eligible for the up-to $15,000 exclusion can be made. Thus, if you have two sons and two daughters-in-law, plus five grandchildren, you can gift tax free up to $135,000 ($15,000 x 9 gift recipients). And if you are married and your spouse consents to the gift, you can give double this amount from your property.

Tax Glossary

Ordinary income

Income other than capital gains.

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