topic Gift tax in Get your taxes done using TurboTax

Gift tax

JoJuan — Wed, 11 Feb 2026 07:09:37 GMT

If I’d like to give someone 10k. would this affect my taxable income?

Re: Gift tax

DawnC — Wed, 24 Apr 2024 22:25:17 GMT

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

Re: Gift tax

JoJuan — Wed, 24 Apr 2024 22:30:07 GMT

Very helpful. Follow up

what are some ways accepted for tax purposes to document gifting 18k or less

Re: Gift tax

Vanessa A — Wed, 24 Apr 2024 22:32:01 GMT

The easiest way to document is keeping the check or bank statement. Those show proof of the transfer. You could also include it on a spreadsheet if you plan to give gifts to him regularly.