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2 replies

K
Employee Tax Expert
KanchanMEmployee Tax Expert
Employee Tax Expert
June 28, 2023

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
    TeriH
    Level 6
    June 28, 2023

    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

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