No. If you give people a lot of money, you might have to pay a federal gift tax. But the IRS also allows you to give up to $17,000 in 2023 and $18,000 in 2024 to any number of people without facing any gift taxes, and without the recipient owing any income tax on the gifts. Gift Taxes
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
