Is there an income tax on monetary gifts?

Answer The maximum amount an individual can receive in monetary gifts without reporting it to the IRS for taxes is $13,000. indicates that if an individual has received over $1 million of mon... Read More »

Top Q&A For: Is there an income tax on monetary gifts

Are monetary gifts to children deductible?

According to the IRS, contributions--including monetary gifts--made to specific individuals are not considered charitable, and therefore are not deductible. However, you can deduct up to $25 per ye... Read More »

Monetary Teacher Gifts For a Class?

Teachers and students create lifelong bonds. To this end, during holidays or other celebratory times, students normally deliver gifts to their teachers. Sometimes, teachers deliver monetary gifts f... Read More »

Do you have to pay income tax on gifts?

A monetary gift is the transfer of money to an individual who gives nothing in return. As of January 1, 2009, the donor is responsible for paying the gift tax if the total amount of money given per... Read More »

Can gifts to a daughter be written off on income tax?

Gifts that qualify to be a tax write-off need to be out-of-pocket charitable contributions. If the gift to your daughter was for a school fundraiser and was over $250, simply keep the receipts and ... Read More »