A gift that size could require you to pay the federal gift tax, which can reach up to 40%. The good news is you may avoid paying gift taxes altogether, but there are reporting requirements and ...

Down payment amounts above $19,000 and received as a gift must be reported on a gift tax return by the person making the gift—not the beneficiary. But that doesn't mean the donor will pay taxes. "The ...

Cash gifts and income are subject to IRS reporting rules. Gifts of up to $19,000 in cash are exempt from reporting in 2025. Those who have household employees must report cash payments that exceed ...

If the giver owes a gift tax, the IRS does not require the recipient to pay the tax. In general, very few people pay the gift ...

You can do so through a charitable gift annuity. This type of donation can provide you with regular payments and allow us to serve children in need around the world. You can also qualify for a variety ...

If you pay the venue, the caterer and so on to reach the $60,000 total, you won't have to report these as gifts or pay any taxes. Gift Planning Tips A financial advisor can help you come up with a ...

Just to reinforce what Yates said, gift cards are for gifts only. You never use a gift card to pay a bill. The IRS, the power company, and your doctor's office don't accept gift cards as payment.

Gift tax is a federal tax on the transfer of money or property to another person. Because of annual and lifetime limits, few people end up owing it. Many, or all, of the products featured on this ...

In addition, the guest noted, the bride has asked her bridesmaids to pay for their own dresses ... "And to make things trickier, cash gifts are a tradition at weddings in her culture.