Can each parent gift 10000 cash to their adult child?

Yes, each parent can gift up to $10,000 in cash to their adult child without incurring federal gift tax, thanks to the annual gift tax exclusion. This means that both parents can collectively gift $20,000 to their child in a single year without tax implications. However, any amount over this limit may require the filing of a gift tax return and could count against the lifetime gift tax exemption. It's advisable to consult with a tax professional for specific circumstances.