united-states tax-law minor
How much money can minors receive as gifts?
<p>What tax restrictions apply to minors receiving large monetary gifts from non-relatives? How much can they receive?</p>

<p>According to an overview by TurboTax:</p>

<blockquote>
  <p>If you give people a lot of money, you might have to pay a federal
  gift tax. But the IRS also allows you to give up to $14,000 in 2016 to
  any number of people without facing any gift taxes, and without the
  recipient owing any income tax on the gifts.</p>
</blockquote>

<p>Generally, if it kept under $14,000 you should not face any consequences. </p>

<p><a href="https://ttlc.intuit.com/questions/2542778-if-i-receive-a-gift-of-say-50-000-from-a-friend-and-i-give-that-person-a-gift-12-24-months-later-can-that-person-claim-my-gift-on-his-taxes-and-not-have-to-pay-income-on-that-money-assume-neither-of-us-is-near-our-gift-limit" rel="nofollow noreferrer">For gifts more than $14,000</a>: </p>

<blockquote>
  <p>Gifts are neither taxable or deductible on your tax return.   Any gift
  to an individual that exceeds $14,000 in a year requires a separate
  gift tax return to be filed (form 709) by the giver - the receiver of
  the gift does not report anything.  It will not be immediately
  taxable, but will reduce your lifetime exclusion.</p>
</blockquote>

<p>However, it is always best to consult a CPA. </p>
