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Level 2
March 19, 2025
Question

Family Exclusion Donation for 2025 vs 2024

  • March 19, 2025
  • 1 reply
  • 3 views

How much can give you donate to your family (adult) per year?

1 reply

Level 15
March 19, 2025

Gifts to family members are not "donations."   You cannot deduct anything for giving a gift to a family member.

 

Gifts given to family members, friends or other individuals are not deductible.   Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

 

If your gift exceeds the yearly limit ($18,000 per individual)  imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.

 

TurboTax does not support Form 709.  It is not an income tax form and would not be included as part of an income tax return.

 

Here is a link to the form:

https://www.irs.gov/pub/irs-pdf/f709.pdf

 

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

 

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Sec2Author
Level 2
March 19, 2025

Thank you. Just as a followup, what happens if you give a family member 25K?

Level 15
March 19, 2025

@Sec2 What "happens" if you give $25K from one individual to another is that you are supposed to file a Form 709.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**