Can I gift money to my wife?
Yes, you can gift your son $10,000 without any tax implications for either you or him, as this amount is well below the federal annual gift tax exclusion limit. In 2026, the annual gift tax exclusion is $19,000 per recipient. Since your gift of $10,000 is under this threshold, you are not required to report the gift to the IRS, and neither you nor your son will owe any gift tax on this transfer. The recipient of a gift in the United States generally does not have to declare the money as income, and as the giver, you only have tax reporting responsibilities if you exceed the annual exclusion amount per person in a single calendar year.
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