Helping adult children with a down payment, college debt, a business idea, or a major life expense can feel like one of the best parts of being a parent. Before transferring money, though, parents should ask important gift tax questions to avoid unexpected tax complications and create a smarter plan for family support.
The IRS has rules around gifts, and a generous check can create paperwork even when nobody owes tax. A little preparation can turn a stressful tax-season surprise into a smooth family financial decision.
