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L
Larry G80
March 19, 2025
Question

$16000.00 gift to family member

  • March 19, 2025
  • 1 reply
  • 0 views

Is there a monetary value that can be given to a family member & can that value be considered a deduction?

1 reply

M
MinhT1
March 19, 2025

Gifts are not tax deductible.

 

For 2024. there is a gift exclusion of $18,000 per donee. This means that you can give up to $18,000 per person without having to file a gift tax return.

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    L
    Larry G80Author
    March 19, 2025

    So does it qualify as a deduction in owed taxes or is just for reporting sake?

    M
    MayaD
    March 19, 2025

    No. It is not a deduction. 

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