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The Gift Tax Explained - What You Need to Know

Jake Broe 30 views

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Thanks for watching everyone! To learn more about taxes at death for wealthy people, check out my video on the Step-Up in Basis for investments: youtube/4VCzjXLkbSU
Comment from : @JakeBroe

For example can I get gifted 16k 2024 before April 15th can I get a gift tax April 17th 2024?
Comment from : @armenassaturian5850

I don't understand Why we need to pay tax using the after tax money to gift
Comment from : @kattareeyamorrow1435

Does the gift tax law applies in the same manner as you explained if the U S recipient lives in a foreign country?
Comment from : @JavedIqbal-iw8dk

So to me it seems the gift tax isnt necessarily a tax to pay rather than an accounting activity
Comment from : @benmusic28

I was sent a gift but I need to pay for it
Comment from : @NatalieJillPins

Wow, excellent explanation
Comment from : @hectorortiz8224

Let's say I give my mom 18 thousand But now I want to pay for her groceries monthly throughout the year Do groceries count towards the gift tax???
Comment from : @theonlyEYEBROWKING

How does the IRS know this is a gift?
Comment from : @equinos111

This is the most concise, to the point, clearly explained information on this topic I've seen and the use of visuals is gold Thanks so much!
Comment from : @5thGenNativeTexan

Conveniently court houses are 501c3’s
Comment from : @Ic_truth

I have no credit at allbrCan my two brothers and a few friends buy me a 250000 dollars home as a gift?
Comment from : @amankamran4668

I just want to understand this correctly please: my dad currently lives with me in the house that I bought (that’s besides the point) but he wants to give me around 50,000 to buy a piece of land in another state that will belong to me If I’m understanding correctly he or I would not have to pay taxes on the money he gave me just fill out the form … Is that correct? I’m trying to figure this out because he wants the land to belong to me so pretty much just give me the money to buy it
Comment from : @MrJeepin88

3:58 "Tax that people pay when they die" U dead and u still hav to pay taxes 😂
Comment from : @Ru4444

Thank you for the information May I inquire if I need to pay tax when I, as a green card holder, gift $350k to my husband who is a US citizen? Additionally, I reside in California Would there be any state tax implications? Thank you
Comment from : @Nnnqqq689

So if it’s (now 18k) a year to each person, but giving 300k isn’t going to cause you to be liable for the gift tax or ate on that on the next taxes, what does the 18k even really mean?
Comment from : @chocolategravyandbiscuits8418

Can I just buy them a home or car or pay off their bills?
Comment from : @queenbombus

Are these "gifts" tax deductible?
Comment from : @WhereAmEye2187

What if you want to gift to your uncle who lives Overseas? Does the $15k ($18k now) still hold ?
Comment from : @craumm

You mentioned Form 709 is a one page document In actuality it is a five page form Form 709 is very complicated, especially when splitting and giving to others, grand children or having to deal with community property or Deceased Exclusions Plus, for every year you file you also have to track the gifts reported on prior Form 709, a very complicated calculation The instructions are 21 pages The chances of a DIYer getting it correct are slim
Comment from : @mnphoneemail113

When is the last day to gift someone for that year?
Comment from : @01mannyy

How does the gifter determine the cost basis when gifting only a fraction of their bitcoin holdings that were purchased on multiple dates? FIFO? Is HIFO an option?
Comment from : @Nicktt24

The shawshank redemption movie has a scene about gift tax Tim Robbins and the corrections officer
Comment from : @UPEASTHAITIANZ

Can I give a gift to the same persons every year for the next 20 years if I stay below the maximum for each year?
Comment from : @mrbigcat9

I'd be fine if my parents gave me $14999
Comment from : @crazyleaf257

Doe this apply for for a gifted vehicle? if the car is worth 20k, can you gift 15k to the son in law and 3k to the daughter?
Comment from : @huguetvalladares5374

WHAT IF i WANT TO SEND MONEY TO THE PHILLIPINES 120,000 TO WIFES PARENTS TO BUY LAND IN WIFES NAME IS THAT TAXABLE?
Comment from : @shawnwebber1083

thankfully in new zealand we got rid of this gift tax in 2011 so we can give out money to family/friends regardless of the amount
Comment from : @d0ntreply

Why does this tax even exist?
Comment from : @ledwysdelgado7304

Great video!!!!
Comment from : @straightupmortgagetalk

Fuck by my calculations i give about 20k yearly to my mom for housing and food but i gift it to her since i dont really ask how much she needs i just give it to ger for snything the house needs
Comment from : @imshypleasebenicetome5344

Hi Jake! Thank you for another great video You mentioned the gift could be money or something of value What if a parent and child purchased a home and the parent wants to gift their ownership in a home to their child Would this still apply? If not could you make a video about that
Comment from : @ShayLoveNLiv

Very nice explanation Very helpful Thank you
Comment from : @boyboy-xe6rx

Great video thanks for explaining this! Currently studying for my federal tax class! 😊
Comment from : @MARIAGUILLEN-kp6gi

Is the recipient limited to the annual exclusion limit of 17k? Or can they receive that amount from multiple people within a year without reporting it?
Comment from : @Balluh

If the recipient receives the annual exclusion limit of 17k from internationally to the US, does the recipient have to report it to the irs?
Comment from : @Balluh

Thanks for the info, taxation is theft abolish the IRS!
Comment from : @kaosapprentice

2:21 - in this example, Can the donor (mom & dad) deduct their taxable income by $60000 to avoid federal taxes?
Comment from : @kitkarson4226

Thanks again for another great video Jake You always explain these topics very clearly
Comment from : @johngender6582

Thanks for the video But I would like to mention a following situation: Suppose the IRS sees a discrepancy in the amount of income I declare for taxes and an amount that was deposited in my bank account as a gift How does the receiver prove to the IRS that the undeclared money was a gift from a family member? Could you run the risk of being audited? If one ran into a problem, it's very difficult to contact the IRS to get this solved in the first place I might run into this, that's why I mention it Any help would be appreciated Derek
Comment from : @derekbenoit3657

Does this work If a non US national gifts a friend over 15k? Or will that fall under a different thing?
Comment from : @warlorddoug18

It would be interting if you could do a video on 401K withdrawals My son and his wife want to do this to buy a house What are the tax issues?
Comment from : @MarkHakeScottsdaleAZ

Will buying somebody a ticket to orbital or lunar spaceflight incur a gift tax?
Comment from : @dienersamuel1

Hi if I give my son 100k at once this month but he pays me back 100k to my bank account before the end of the year Do either of us have to pay gift tax ? Please help 🙏🏻🙏🏻
Comment from : @JonM47

Excellent video! Just one question: how many of these gift may a recipient receive in 1 year? brbrExample- could 4 family members each gift one individual person 15k in one year for a total of 60k?
Comment from : @21AdamA

Great, well explained tax matter Thank you for this great info
Comment from : @sickocell

Hello Jake, I really wonder your depth of knowledge in various financial matters Awesome video Thank you again - I am watching most of your videos and trying to learn/understand based on my capability
Comment from : @deviambati3805

But if the parent only give 14k do she still need to file 709? Thanks
Comment from : @dustinho227

Wow, I had alot of misconceptions
Comment from : @sidespin9968

As I'm getting older, learning about taxes seems to be the next step in "adulting" Great video jake!
Comment from : @alanyoung159

Useful thank you
Comment from : @dwalker6868

You had me with "It's not a thing" 'Nuf said 😃 I do have a son in Seoul, Korea, however He makes over $3 million a month Just not dollars KRW, the Won Whew, no worries there either And, unless it was Bill Gates, who would give this a thumbs down?
Comment from : @craigchambers4183

Thanks Jake, such a solid video!! Much appreciated
Comment from : @henrygerlits9254

Thanks Jake Appreciate all of the content This can be straight up cash? Even if it was not in a bank yet? In your opinion
Comment from : @Sublime24

Yeah great video jake always love your videos and I’m happy to share the journey I moved to us in 2019 and I have seen we both had similar journey credit card, stocks I just recently started nfts and crypto would be fun if you allot a little bit of money and see that content just a suggestion
Comment from : @saidhanchander2138

can you give money to a charity that you control? Say could I give money to the "Let's help felipe travel around the world fund?"
Comment from : @behrensf84

I have a "good question": What if you gift your son $16-17K every year (single parent) and not filling up 709 What is the punishment for that in case you get audited? (Under no circumstance I will have $11 million by the time I kick the bucket) I tried to google, went to IRS website, asked my CPA -- nobody seems to know the answer
Comment from : @art_without_borders

Great video Jake I am a financial planner and deal with estate tax all the timebrbrFor the $300k gift example Mom and Dad can and should elect to “gift split” This means if dad is the gifter he can use mom‘s annual exclusion and can gift $30,000 to their child without using any of their unified credit So they would report $270,000 on tax form 709 instead of $285,000brbrSeveral states also have an estate tax on the state level Massachusetts has the lowest exemption amount of “just” $1 million per person!
Comment from : @gmur2

Very informative, thank you!
Comment from : @woodsonjane

Jake, whatever you do, do not accept $10 million "gift" from a Chinese or Russian national
Comment from : @ChrisBrisson

I hope that if I’m reincarnated, I come back with parents like this😂😂😂
Comment from : @chrisbrown8748

What if a foreign aunt and uncle want to gift $15k each…is this a reportable event for the person receiving the gift?
Comment from : @topmanninc

Hey Jake brCan you make video about all in one loan?brThanks
Comment from : @mohamedosman7495

Can you make a video on how to get my my Father in Law to give my wife the $300k?
Comment from : @DeePsix501

Large sum of money from foreign peopleyou mean like Nigeria? LOL JK
Comment from : @Ruben901

Great explanation Jake This is a topic that is heavily tested on the regulation part of the CPA exam and it is really misunderstood
Comment from : @sportsfan1717

How EXACTLY do I get the rich, Canadian uncle? Let’s start with that and worry about the taxes later Great video, Jake Love your lessons
Comment from : @leighdevereaux9808