What tax restrictions apply to minors receiving large monetary gifts from non-relatives? How much can they receive?
According to an overview by TurboTax:
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.
Generally, if it kept under $14,000 you should not face any consequences.
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.
However, it is always best to consult a CPA.
I think there is also a lifetime limit, and I recall something about __ gifts to minors adding more detail, but I know I'm missing a word.– user4460Mar 30, 2017 at 22:24