How much can a parient contribution a child short the child have to wage taxes?
Answers: $12,000 per year. If the parents are still married, it would be $24,000 ($12K from each).
The parent would actually wages taxes on any amount over that... Not the child.
There are no gift taxes. Income earn on those gifts, is however subject to normal taxation rules.
Parents can furnish up to $10,000/year to anybody without reducing their estate import tax exemption. Right now, the justification for estate taxation is about $5,000,000 - see your toll adviser - If you contribute 50K to your child, your exemption would drop to $4,950,000 - this is designed to capture general public who give away vast estates just beforehand their death.
When my G-pa be getting near release, he started withdrawing money every month and gave it to his kids, monthly.
John T- I suppose that's just what my G-pa did. LOL
As much as you want. The beneficiary does not pay taxes on the offering. However the giver pays taxes if it is above a dependable amount.