Welcome. THANK YOU for choosing Just Answer. My name is XXXXX XXXXX my goal is to help make YOUR life, a little...LESS taxing.
From a tax
standpoint, the answer is no, gifting does not benefit
the donor, because it is not tax deductible
, and the gift has no tax benefit or detriment to the receiver. However, if the gift amount exceeds $13,000 in any given year, the donor is required to complete a Form
709 showing the amount of the gift. The Form 709 is an informational form.
Link to Form 709/instructions:
Please let me know if I can be of further assistance to you regarding this matter.
Thank you again for using JUST ANSWER.