Gifts

[Brian EA]

As per Gift taxes, does the donee have to be related to the donor?
My client would like to gift $15000 to each of his four sons and their wives.
Any advice would be very much appreciated.
Thanks
Brian

[TAXNJ]

Have you looked at The Tax Book tab 21?

[ATSMAN]

As per Gift taxes, does the donee have to be related to the donor?
My client would like to gift $15000 to each of his four sons and their wives.
Any advice would be very much appreciated.
Thanks
Brian

No there is no requirement that the donor and donee have to be related.

If your client is married they can gift up to $30,000 to each donee.

[Rapid Robert]

If your client is married they can gift up to $30,000 to each donee.

"up to"? They can give $30,001 to each donee, or $3,000,000 if they have it. Without paying any gift tax.

[Lion]

If you/your client is trying to avoid filing a gift tax return, then remember that the exclusion is based on ALL gifts to a person during the calendar year. If your client gave a son $100 on his birthday, anniversary, and Christmas, you include those amounts when seeing if he exceeded the $15,000 per person exclusion to filing a gift tax return..

[TAXNJ]

If you/your client is trying to avoid filing a gift tax return, then remember that the exclusion is based on ALL gifts to a person during the calendar year. If your client gave a son $100 on his birthday, anniversary, and Christmas, you include those amounts when seeing if he exceeded the $15,000 per person exclusion to filing a gift tax return..

The scenario is explained well in The Tax Book tab 21.

Maybe the Original Poster has researched more and found the answer since no more posts except from reply posters

[Rapid Robert]

Maybe the Original Poster has researched more and found the answer since no more posts except from reply posters

But as long as other replies are even remotely on topic, is there some reason why they can't or shouldn't be made? Even if you think the original topic has been answered?

From another thread:

Do you want to take away other individuals’ right to post

[TAXNJ]

But as long as other replies are even remotely on topic, is there some reason why they can't or shouldn't be made? Even if you think the original topic has been answered?

From another thread:

Absolutely not. ATSMAN gave the best & direct reply.

But, you have the right to reply post as much as you want as you always do.

[Brian EA]

Sorry Guys,
I know I should have looked it up, however I had my left shoulder rotator cuff repaired and all the research materials are in the office.
I cannot drive for the next 3 weeks.
My client called requesting the gift information
Thanks all
Brian

[TAXNJ]

Sorry Guys,
I know I should have looked it up, however I had my left shoulder rotator cuff repaired and all the research materials are in the office.
I cannot drive for the next 3 weeks.
My client called requesting the gift information
Thanks all
Brian

Take care. Since you have access to the internet, here is some info until you are able to go to the office

stay well

https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes#2