re: Kids Buying First Home

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My daughter and her husband are buying their first home. While I'd like for them to wait a bit, they are anxious to get going. Anyway, I plan on gifting them a down payment. I assume that this would fall under the IRS gift tax rules, correct? This is what I've found:

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The IRS rules on gifting money are laid out in a piece of legislation called the “gift tax.” For 2023, the gift tax exclusion has been set at $17,000 per person per year for an individual filer. (For gifts made in 2022, the threshold is $16,000.)


Does this mean that I can only give them $17K before it starts counting against their income taxes?

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