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Cash gifts to your children are tax free:


If you give cash gifts to your children or grandchildren, please read on...


You can an give up to $15k annually to any person. A married couple can give away up to $30k. You don’t get a tax deduction for the gift, but it’s not taxable income to your child.


Amounts paid directly to your kid’s or grandkid’s school does not count towards the annual $15k limit, meaning you can pay unlimited tuition. Same goes for medical expenses paid for anyone, as long as payments are paid directly to the service provider.


Hope this helps. If you have questions, please let us know.

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