Gifting

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

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2 Replies

Gifting

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.

Gifting

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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