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    #1

    Gifts

    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
    Everybody should pay his income tax with a smile. I tried it, but they wanted cash
    Tags: None
    #2
    Have you looked at The Tax Book tab 21?
    Always cite your source for support to defend your opinion

    Comment

      #3
      Originally posted by Brian EA View Post
      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.
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

      Comment

        #4
        Originally posted by ATSMAN View Post
        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.

        "You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard

        Comment

          #5
          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..

          Comment

            #6
            Originally posted by Lion View Post
            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
            Always cite your source for support to defend your opinion

            Comment

              #7
              Originally posted by TAXNJ View Post
              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:
              Originally posted by TAXNJ View Post
              Do you want to take away other individuals’ right to post
              "You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard

              Comment

                #8
                Originally posted by Rapid Robert View Post

                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.
                Always cite your source for support to defend your opinion

                Comment

                  #9
                  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
                  Everybody should pay his income tax with a smile. I tried it, but they wanted cash

                  Comment

                    #10
                    Originally posted by Brian EA View Post
                    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

                    Frequently asked questions on gift taxes | Internal Revenue Service
                    https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes#2
                    Find common questions and answers about gift taxes, including what is considered a gift, which gifts are taxable and which are not and who pays the gift tax.


                    Always cite your source for support to defend your opinion

                    Comment

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                    This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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