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Gift Tax Explained - Do You Pay Taxes On Gifted Money?

Nguyen CPAs 48 views

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Receive an insane gift lately? Let me know below!
Comment from : @NguyenCPAs

Thank you for explaining this, my dad can now help me buy a house without worry, he wanted to give me 20k, all he has to do is report it and no one pays extra :p
Comment from : @Soyboythoughts

Right, that discusses and refers to the FEDERAL estate tax limitations, but does not address any STATE'S ;inheritance taxes due those who inherit the estate In Pennsylvania, an inheritor pays taxes, depending upon the relationship of the deceased and the inheritorwhich gets costly You are discussing ONLY the FEDERAL ESTATE Limitations and exclusions
Comment from : @allenwolk874

If I am selling a house to my son with the "GIFT of equity" can I write off the Home Improvement expenses on my taxes?
Comment from : @pipersmitty87

Can I get gifted let's say April 12th and April 17th 2024 or do I have to wait 365 days until I get gifted again
Comment from : @armenassaturian5850

If you give your child $100k and don’t report the gift and your whole estate is only worth $200k , well below the $12MM …do you really need to report it?…
Comment from : @wayneguy6043

Great information on the receiving end of things but I'm more interested in not paying any taxes on the giving end of things I want to get the money out of the correct account not being liable for any taxes Possible?
Comment from : @dennisnoonan9767

I’m giving money out, do I have to file form 706 gift tax to be excluded from my income
Comment from : @lanexang8127

Can I gift the max dollar amount for that year to the some person year after year (for the next 20 years) with out filing a Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return?
Comment from : @mrbigcat9

That's good to know
Comment from : @philochristos

I saw something like this on one of the @TaxDeductionMastery shorts!
Comment from : @dylankimmon-ruikka6597

If I win the lottery and give my friend 5, $100,000 Rolexes, is jewelry taxable? Or can I just say it fell off the back of a truck?
Comment from : @SuperEman500

Whats the amount of tax you can gift in 2024 without paying taxes on this gift as the gifter?
Comment from : @francesekweonu2339

Great info!!
Comment from : @glamnails4554

Thank you
Comment from : @karena9070

What if you get robbed and the police say it was a gift?
Comment from : @luckspell

So if I want to pay off my child's $12,000 student loan should I give him the check and have him pay it off or should I send the check to their student loan association from my checking account?
Comment from : @jy3604

Can you please explain the foreign gift money and taxes please?
Comment from : @neeky9635

It depends on the information I hope that as you do this more, you will get better at the transition between the information
Comment from : @phillip3308

if your mother gives you 5 acres of land that was bought for 15000 but now worth 75,000 do you have to pay gift tax on that land?
Comment from : @buzz961

Thanks for the video
Comment from : @ashtonsmith3102

Very helpful explanation Love your energy Thanks!
Comment from : @chuuniniruka

Can I gift the maximum amount for that tax year to a friend for their life span?
Comment from : @mrbigcat9

Damn ik im late so let’s say i win the lottery right and I wanted to give away 5 millions dollars to 10 people, so 50 million right How much would I pay on gifting out 50 millions dollars
Comment from : @JosephCruz-mu8cp

great video, thanks!
Comment from : @tamarapaz4160

if you need to pay tax receiving a gift, that means you are living in a barbarian country Anybody has the basic right to give anything to anybody, why need to pay tax ??
Comment from : @Cableman-hr2uu

Fuck the irs crooks
Comment from : @firstlast-bh6uv

Thanks
Comment from : @VANESSASVANLIFEJOURNEY

If u give money to ur friend, how they IRS know that its a gift and not for work done?
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

Just found the channel and I subbed my guy
Comment from : @Bojerthe

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

So how much taxes you pay if you give pass the 12 million limit????
Comment from : @theonlyEYEBROWKING

I bought a $5000 lawnmower for my son I put it on Capitol one credit card for the points I will pay it off next week Can I take this as a gift tax exclusion?
Comment from : @lizfindley122

wicked
Comment from : @ephraimwarrior6766

HI Jason, very nicely presented, Thanks so much Can you please clarify if i want to gift a property to my Mom in India who is not a US Resident how do i report that , say the property is 100K I am giving the apartment that i owned as a gift to my Mom
Comment from : @amitdhawan3995

LIKE IT THANKS
Comment from : @Viajandoconoscar7wonders

Hip Hop track is FIRE❤‍🔥❤‍🔥❤‍🔥
Comment from : @rossgooding7423

Great video Thanks
Comment from : @themekanic069

If you have an asset in an account (other than an IRA or 401) with a beneficiary the asset isn't part of your estate when you die It is transferred to the beneficiary with no tax
Comment from : @psdaengr911

what if i send gift for cousins/nieces > can i tax return this? does it matter if they live in australia or overseas?
Comment from : @intimeditasi2797

When a parent gifts 17K (in 2023) to a child, does the parent show that expense in tax liable income? Does 17K directly deducted from tax liable income in 2023?
Comment from : @kiranmarrapu

Can I gift the max for that tax year to the same person every year?
Comment from : @mrbigcat9

can my married friend, gift hers car and her married friend gift her a check? each gift under 34k of course for 2023
Comment from : @rice4u

Thanks for explaining this very well!
Comment from : @vincentscarangella2585

Thank you
Comment from : @seekingtruth9677

Joe Biden receive millions and billions of dollars from foreign entities along with his whole family, so what about that it’s called money laundering what is being done about that do you know
Comment from : @beck8191

What about a home if a relativa wannts to give a home ro their child
Comment from : @Paul-ku3ce

Biden should want to know who gifted him the millions from outside the US
Comment from : @mariapineda7339

Thank you ! very nice!
Comment from : @trading365

ty, i was looking for this answer n explanation!
Comment from : @qt5160

Hi thanks for sharing this info Do i need to report foreign gifts if it does not go over 16k per person Thanks
Comment from : @gloriafrench5333

So if i had 100 million dollars when i die only 12 million wont be taxed and the other 88 million will be taxed again at the max rate ???
Comment from : @MARTPERE

so I'm giving one of my sons 10,000 and my yearly income is 46,000 does that mean that my taxable earned income now is 36,000 what form do I have to use for the IRS?
Comment from : @yeshuasaves2471

That was helpful, thx
Comment from : @jinxy1279

QUESTION: How much can I receive from different people?--Instead a running a charity, can I receive "gift" money up to the yearly limit per person; but unlimited total amount??
Comment from : @michaelsmith5463

Hello Quick q What if your parents pay directly your credit card entity such as American Express? Would that go toward the “unlimited” tax exclusion?
Comment from : @diegocuadros9097

Curious , if one is the recipient of go fund me ( medical bills) do they have to paid taxes?
Comment from : @beerguyflake2745

What if the gifted just doesn’t file a 709 form?
Comment from : @superproducercbiz

This was a very clear explanation of the gift/estate tax I glad I watched it👍👍
Comment from : @awake1948

in giving a gift of a 4 year old car to my daughter, do i have to file papers other than signing over the title?
Comment from : @elainepeterson-eb2qx

What do you mean by the comment at the beginning of equity in a house
Comment from : @ashleylittle4142

My friend purchased a home for his child in 2018 but didn't know about the gift tax Can he still file for the gift tax this year 2023?
Comment from : @Tina-hu4in

If I gave my relative a big gift on January 1, 2022 when would I have to file the gift tax? Thanks
Comment from : @Tina-hu4in

cool brthanks
Comment from : @IMOFFICIALNOW

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

Spent 10 minutes to explain one simple concept, what an awful video
Comment from : @joshuapark5466

Wow oh wow, the IRS sounds god awful
Comment from : @thedoctorairsoft6813

I am in Canada I am a newspaper carrier I do not get paid by hour no taxes are taken off my checks I received money in Christmas cards from customers that they leave for me in mail boxes I do not need to report it on income tax its between customers and me can you respond
Comment from : @anonymousanonymous-xc9wz

Is the IRS Form 709 difficult to complete? I have one transfer of stocks only and would like to save hundreds to have a firm help assist for me
Comment from : @kurpal8904

My question is how much people can give you money and it be ok? Like can all my relative gift me 10k and the total is 100k still be ok and wouldn’t be a problem with the bank or irs? Getting ready to buy my first house after graduation
Comment from : @Oregonluver

Great video, does the life time exclusion apply if I gift to siblings or friends?
Comment from : @Dark_side9999

This was so helpful for my situation! So hard to find this clearly explained Thank you!!
Comment from : @meganobrien3167

Thank you!
Comment from : @aanthony343

So if i earn 100k and gift my child 15k i still pay income tax on the 100k or is my income tax now based off 85k?
Comment from : @raymondjoseph7177

Great video but I wish you would keep up with the questions/comments I would have subscribed if I saw you responding to your viewer’s questions Hope my comments helps your channel in some way
Comment from : @nayeliguzman172

It's 60 thousand not 16
Comment from : @gabbythecat4367

How does this work if one's parents are not US citizens and are also not US residents? Would I be paying taxes on gifts they give me?
Comment from : @zhang_han

So if I received a 15k cashier check gift that I deposited do I have to report it?
Comment from : @crakkfuentes74

Thank you! Veryy clearly presented I appreciate your time
Comment from : @charleshenry8075

Very informative, So if my mom gifted me and my spouse 80K in cash, who will be filing the 709 form? The giver or the recipient?
Comment from : @rayarellano8213

Hey boss, I'd like a pay cut to $001/month of taxable income?On an unrelated note, could you gift me $5k/month since we're friends?
Comment from : @uncommonsense360

For Oregon I heard they don’t have a gift tax what does that mean
Comment from : @kykypenn

Can i have someone sent me in my llc account 500k dollar gift from abroadbrAnd i take 8 percent on my bank ans send the money back to him as giftbrSo ny profit is 8 percent
Comment from : @Pajtim2023