How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barbara Your Own Question
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2855
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
71603090
Type Your Tax Question Here...
Barbara is online now
A new question is answered every 9 seconds

In california, I want to make a cash gift to another person

Customer Question

In california, I want to make a cash gift to another person what are the tax law
both for California and Federal. What minimum amount is not taxable per year?
Submitted: 5 months ago.
Category: Tax
Expert:  Barbara replied 5 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Gifts are not reportable or taxable to the recipient (receiver) of the gift for federal and California tax purposes.

Gifts are not reportable/taxable to the donor (giver) of the gift in California. For federal tax purposes, you must REPORT a gift using Form 709 if the gift is more than $14,000 during the year. Gifts are not taxable unless you have exceeded the lifetime cap of $5.43 million.

https://www.irs.gov/uac/about-form-709

Please let me know if you require further information or clarification.

Thank you and best regards,

Barb

Expert:  Barbara replied 5 months ago.

Just following up with you to see if you have any other questions. If so, please let me know, and I will be happy to assist you further.

Best regards,

Barb