How much money can you give someone gift tax free in 2022?

Jackie: I have four grandchildren and I've been told that I can give $15,000 to each grandchild and they will benefit $15,000. What I want to know is, is that going to cost me anything regarding my tax taxes or money I've given away, and what's it going to cost them when they receive it? Is it income?

Attorney Tom Olsen: Jackie, you can give up to $15,000 per person per calendar year, without any gift or state tax consequences. Jackie, for you to give a grandchild $15,000, you got to go out and earn-- Jackie has to earn $18,000, pay Uncle Sam $3,000 in income taxes. Got $15,000 leftover. When you give that 15,000 to the grandchild, they're not going to pay income taxes on that money because you've already paid income taxes on that money. Does that make sense to you Jackie?

Jackie: It's me who pays the tax-- Yes. It's me who pays the taxes. In other words, I'm really giving them $15,000 cash and Uncle Sam $3,000 cash in tax time.

Attorney Tom Olsen: As I say, just making up numbers. You got to earn $18,000, pay Sam $3,000. You got $15,000 leftover to give to your grandkids. It's $15,000 of money after you pay taxes on it.