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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3173
Experience:  IRS licensed Enrolled Agent and tax instructor
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I read that I can gift up to $14,000 to anyone and neither

Customer Question

I read that I can gift up to $14,000 to anyone and neither me nor the gift recipient will face any tax consequences.
I assume this gift (up to $ 14,000) may be deducted from my income.
Am I correct?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. You can gift up to 14K annually without having to file a gift tax return or pay gift tax. You can also gift up to 5.43M during your lifetime without having to pay gift tax. You can gift more than 14K annually without tax consequences, but you will have to file form 709 - gift tax return. Gifts are never claimed as income by the receiver and never deducted as expense by the donor. No, you cannot deduct a gift.
Expert:  emc011075 replied 1 year ago.
Expert:  emc011075 replied 1 year ago.
I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.