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Currently there is a $15k/year limit for tax free cash gifts to anybody.

If one gifts more than $15k in one year to a child, my understanding is that the excess over $15k is subtracted from the lifetime gift tax exemption which stands at $11.58mil, so in fact no tax will be paid unless the gift exceeds the $11.58mil limit.

So if I want to gift my child 50k year, I will still not have to pay any tax on the extra $35k as I haven't used any of the lifetime exemption amount yet.

Is my understanding correct?

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In broad strokes you are correct. You don’t owe taxes on gifts you make until you exceed the exclusion amount. But you do have to file the gift tax return in the year following the gift. Review the instructions for Form 709 to determine your obligation to file.

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