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Gift tax

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

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3 Replies
DawnC
Expert Alumni

Gift tax

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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Gift tax

Very helpful. Follow up

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

Vanessa A
Expert Alumni

Gift tax

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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