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JKCPA, CPA
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It used to be that you could give up to $11,000 as a gift to

Resolved Question:

It used to be that you could give up to $11,000 as a gift to a member of your family in any one year.

Does this still apply?

Is there a tax benefit to the donor? Is it taxable for the recipient?

I have a family member in need of help in these hard times.

Is there a charge for this information?

Natalie R. Friend (XXXXX@XXXXXX.XXX)
Submitted: 4 years ago.
Category: Tax
Expert:  JKCPA replied 4 years ago.

Hello,

Thanks for your question.

 

The amount that you can now give to each recipient without having to file a gift tax return, Form 709, is $13,000. Any amount over this is called a "taxable gift." The donor cannot deduct it from their taxes. The donor (not the recipient) is liable for taxes on the gift or filing the gift tax return.

 

You won't actually owe any federal gift tax unless your cumulative taxable gifts exceed your $1 million lifetime gift tax exemption or if you elect not to use your exemption. But you must still file Form 709 if you made any taxable gifts, even when no tax is due. The deadline is the same as for your 1040.

For more information see Frequently Asked Questions on Gift Taxes

The charge is the amount you've deposited for the question or previously arranged. If you are satisfied with my work, please click accept.

 

Hope this helps,
Best regards,

JKCPA, CPA
Category: Tax
Satisfied Customers: 5800
Experience: CPA with tax experience.
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