About gift tax limit $17000/person/year, if I gift my brother couple, $1415 monthly=$16980 yearly/person, no tax issues? Can I send $2830/month to their joint account?

[lyihjl-hotmail-c]

I am looking for gifting my brother without tax issues to help buy his house for my side as well as his side. Is there a better way to save/send money without tax issues? Thank you.

[xmasbaby0]

Is your brother married?   You mentioned a joint account.   You can gift up to $17,000 to each spouse without the need to file a Form 709.

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 ($17,000 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.    In 2024 that yearly limit will increase to $18,000.

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

[M-MTax]

For 2024 the exclusion is $18,000 per person per donee. $36,000 for two donees for 2024.

[pk]

@lyihjl-hotmail-c , while agree with my colleagues @xmasbaby0  and @M-MTax  on the gift tax  info. I  don't understand  your  statements  :  

(a)  " buy his house for my side as well as his side"   -- are you trying to buy a property together or what ?    Is this a loan  to your brother or what ?

(b)  "without tax issues"   ---- generally  all the monies you have after paying taxes, i.e. post tax  monies -- is your money.   Whether you gift or loan there is no tax on it.  Even if you gift  above the free per year/ per donee amount  it does not attract any tax.  The reason you need to file a gift tax form is for amounts greater than the free limit is accumulated  throughout your life  for purposes of  Estate/Gift tax reconciliation  upon your demise i.e. against the lifetime tax  limit  ( of 1 million , I think ).  Unless you are  super rich, most of us will never get there.

Hope that settles your query.