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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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Can you leave 1,ooo gifts to your grandchildren, nephews and

Resolved Question:

Can you leave 1,ooo gifts to your grandchildren, nephews and nieces, and maybe cousins without having to pay taxes?
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.

LEV :

Hi and welcome to Just Answer!
As long as these are your money - you may do whatever you want - and gift them to your relatives or friends.
Gifts are not taxable income in the US - recipients of gifts do not need to include it into their tax return regardless of gift values.
You, as a donor, will not have any tax consequences as long as the gift is less than $13,000 per person per year. For gifts above that limit – the gift tax return will be required, however there will not be any gift taxes unless the lifetime limit is reached (which is $5,000,000).

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