topic Gifting in Get your taxes done using TurboTax

Gifting

Linda C2 — Tue, 24 Feb 2026 06:40:39 GMT

Is there any tax benefit to the giver of a $10,000 cash gift?

KanchanM — Wed, 28 Jun 2023 17:20:44 GMT

Hello,

The donor of the gift is the one who pays gift tax. The annual exclusion for 2023 is $17,000, so you do not pay any gift tax upto that amount.

TeriH — Wed, 28 Jun 2023 17:21:24 GMT

If the gift is charitable contribution then yes. But, for example, if it's just to your kids, then the answer is no.

TurboTax has a great article on charitable contributions and how to make them count.
https://turbotax.intuit.com/tax-tips/charitable-contributions/charitable-contributions/L6ZyAXJ4Y