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TexLaw, Attorney
Category: Business Law
Satisfied Customers: 4430
Experience:  Internationational Commercial Attorney
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During the year I occasionaly give a friend some money that

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During the year I occasionaly give a friend some money that he puts in his savings account.
It can total over $20k
I do this because I do not need the money for myself and he can use for family, etc.
My question is: are there any tax ramifications for him since he is not working for the $.


My name is XXXXX XXXXX I will be assisting you with your legal question.

A recipient is never taxed on gifts. Only the giftor is taxed under the Gift Tax rule. So, no, there is no tax consequence for your friend.

Please let me know if you have any further questions. Please also kindly consider rating my answer positively so that I am credited by the website for my work on your question. Rating positively does not cause an additional charge and does not prevent us from further discussing your questions.

Kind regards,
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