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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15732
Experience:  15years with H & R Block. Divisional leader, Instructor
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What id the tax consequence of making a gift to an individual

Resolved Question:

What id the tax consequence of making a gift to an individual of over $13,000?
Submitted: 7 years ago.
Category: Tax
Expert:  Robin D. replied 7 years ago.


Thank you for using Just Answer.

Each year, you can gift away money or other stuff worth up to $13,000.

A tax is imposed on the gift above the annual exclusionary amount.

You won't owe any federal gift tax unless your cumulative taxable gifts exceed your $1 million lifetime gift tax 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.


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