Gift tax

Forum|Forum|2 years ago
April 24, 2024
1 reply
19 views

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

Ask the Experts - Refund II - April 2024

DawnC

Level 15

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

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JoJuanAuthor

Level 2

Very helpful. Follow up

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

Vanessa A

Level 15

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.

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