Gift-splitting also applies to lifetime exclusions. If you are married, in 2024, your household has $13.61 million per spouse to transfer tax-free for combined maximum giving of $27.22 million.

When you give your son $75,000 for his down payment, the gift exceeds the annual exclusion by $57,000 and exhausts the remaining $10,000 of your lifetime exemption. As a result, you’ll owe taxes ...

The best gifts for teenage boys are thoughtful and acknowledge who they are in this season. These are our top picks from ...

When I asked my dad about something that made him a better dad, he promptly responded, “Café Bustelo,” specifically from the ...

This Christmas, consider these practical gift ideas that send the message to your son that it's time for him to move out. SEE ALSO: Gifts under $20 that are actually useful. Blender.

DEAR MISS MANNERS: I have a friend who constantly solicits gifts for a variety of occasions, both for herself and for her 12-year-old son. Most recently, she tagged me on social media next to a ...

The Gift Tax Exclusion Doesn't Equal a Deduction. Marlene, a 75-year-old listener, wrote in to ask whether she could give her 50-year-old son $17,000 to help with student loans and get a tax ...

Let's say that you're an individual who wants to give money to two people, your son and his wife. Maybe this is to help with a wedding, down payment for a home or building a family. You can likely ...