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If I receive a bonus and give my three children a total of

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36,000 does that reduce the...
If I receive a bonus and give my three children a total of 36,000 does that reduce the taxes I have to pay on the bonus and will they not have to pay taxes on the gift?
Submitted: 5 years ago.Category: Tax
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1/1/2012
Tax Professional: Jax Tax, Tax Attorney replied 5 years ago
Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1,408
Experience: JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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Jax Tax : It does not reduce your taxes but since the gift is under $39k ($13k x 3) there are no further tax or reporting requirements.
Jax Tax : So, your children are not taxed and you are not taxed on the gift.
Customer:

can it be 13k each without them or me paying taxes?

Customer:

Also if I am giving the money away why do I have to pay taxes on the full amount of the bonus?

Jax Tax : You have to pay taxes regardless of what you do with it because you earned it. The only way you can avoid tax is to give the money to a 501c3 non profit and even then there are limitations and you must itemize by filing sch A your deductions.
Jax Tax : Giving money to a child is not a charitable donation. You can't just earn tax free everytime you give a gift of cash like birthdays Christmas or ever.
Customer:

charity begins at home so it is.

Customer:

but i get what you are saying.

Customer:

taxes are killing the middle class

Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1,408
Experience: JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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