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I want to give a monetary gift to my son and his family. How much can I give them without paying the dreaded "gift tax"?
You can give up to $12,000 per person, and they don't even have to be relatives. A married couple can give up to $24,000 per person. I hear the amount may go up to $13,000 individual and $26,000 per couple in 2009. Does anyone know if this is true?
In 2009, the amount has gone up to $13,000. This is the total of gifts given to one person during the tax year.
Do you have some thoughts to add or some advice to give?
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