Can my husband and I each give a gift without being taxed?

My son is buying his first house and needs some extra money for the down payment. One of his gifters backed out so my husband and I would like to EACH give him a gift of $11,000, part of which will be paid back in the future. We are each going to fill out a separate gift letter. Can we do this without either of us being taxed?Can my husband and I each give a gift without being taxed?
Yes, you can. In fact, for 2009, you may each give him up to $13,000.





Also note that any part of this ';gift'; that is expected to be paid back is not a ';gift';, but rather, it is a loan.





You two are great parents and your son is lucky to have such a generous mom and dad!





Additional: Ryan M. is incorrect. ';For those unfamiliar with the IRS gift limit, it's the amount that any one person can give to a non-spouse in any one year, without incurring a gift tax. For practical purposes, a married couple can each give the full IRS gift limit, for a total of $26,000, to a recipient without violating gift tax rules.'; http://collegesavings.about.com/b/2008/1鈥?/a>Can my husband and I each give a gift without being taxed?
The $11,000 you and your husband give your son is tax exempt to your son on his 1040. Google IRS publication 17, page 91.





If you're worried about the gift tax, which is separate from the income tax, the annual exemption for gift tax in 2009 is $13,000 per person. Thus you and your husband can each give up to $13,000.
Sorry. LEGALLY and for tax purposes you and your husband are the same person, thus stuck with the single gift to your son. If your son is buying the house with a wife, fiance, or anyone else...you can give the additional gift to them. On paper at least! (You did not hear that from me)