If you're in the fortunate position of being able to help out a parent or child who's not as financially secure, you maybe wondering if you need to pay taxes on the gifts that you give. Watch this video from Carmen Wong Ulrich to find out the maximum that you can give before the IRS takes a share.

If you have a financial question you'd like Carmen to tackle, post it here in the comments or email us directly at ivcommunity@mail.ivillage.com

Watch Carmen Wong Ulrich's 'On The Money' Saturdays at 8PM ET on CNBC! Find more information on coping with the economy with our Bail Yourself Out resources.