Can I gift my son $500,000?
You can give your daughter $50,000, but it will not be entirely "tax-free" in the sense of avoiding IRS paperwork. The annual gift tax exclusion for 2026 is $19,000 per recipient. If you give $50,000, the portion exceeding the exclusion—$31,000—must be reported on IRS Form 709. However, you will not owe gift tax on that excess amount unless your total lifetime gifts have already exceeded the $15 million lifetime exemption. If you are married, you and your spouse can effectively gift $38,000 combined per child without needing to file any paperwork, which would reduce the amount you need to report to just $12,000 if you choose to split the gift.
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