Gifting

Linda C2 · ‎June 28, 2023

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

KanchanM · ‎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 · ‎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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.