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Smurf
Smurf asked in Business & FinanceTaxesUnited States · 5 years ago

Cash as a tax free gift. Can it be in payments, or does it have to be one transaction? I know that it cannot exceed whatever the limits.?

5 Answers

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  • Judy
    Lv 7
    5 years ago

    What matters is the total for the year, not whether it's all at once or not. The limit is for not having to file a gift tax return and possibly pay an additional tax, gift tax, on it. You can't deduct the gift.

  • ?
    Lv 7
    5 years ago

    The sum of payments over a tax year cannot exceed the limits.

  • StephenWeinstein
    Lv 7
    5 years ago

    It can be in payments. However, the total of all the payments, when added together, can't be more than the limits.

  • tro
    Lv 7
    5 years ago

    the limit is annual, doesn't matter how it was given

  • Slickterp
    Lv 7
    5 years ago

    Can be in chunks.

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