Have a Tax Question? Ask a Tax Expert
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,