{"id":4,"date":"2022-07-12T00:00:00","date_gmt":"2022-07-12T00:00:00","guid":{"rendered":"http:\/\/ascocpa.com\/?p=1"},"modified":"2022-08-02T16:05:21","modified_gmt":"2022-08-02T16:05:21","slug":"welcome-to-cloudways","status":"publish","type":"post","link":"https:\/\/ascocpa.com\/welcome-to-cloudways\/","title":{"rendered":"Gifting &amp; Taxes"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4\" class=\"elementor elementor-4\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-712ae34e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"712ae34e\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-204612c2\" data-id=\"204612c2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-57b644a1 elementor-widget elementor-widget-text-editor\" data-id=\"57b644a1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 26-03-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>I am frequently asked different variations of the following question:<\/p><p>&#8220;If my parents gave us a $50,000 gift to help with the purchase of a home, is that taxable?&#8221;<\/p><p>Here&#8217;s the great news:<\/p><p>If you are on the receiving end of a gift, that present is generally not taxable &#8211; no matter how much you receive!<\/p><p>However, while it&#8217;s fairly simple from your end, things can get a little more complicated from the giver&#8217;s perspective.<\/p><p>Can you believe the GIVER may have to file a separate tax return, and in some situations may actually owe money?<\/p><p>As of 2022, a person can give away $12,060,000 of their money &#8211; throughout their lifetime &#8211; without having to pay any &#8220;gift taxes.&#8221;<\/p><p>However, if you gift more than $16,000 to any single person in ONE year, the giver will likely need to file a separate gift tax return (Form 709).<\/p><p>A married couple is allowed to give up to $32,000 per recipient.<\/p><p>These gift tax returns will generally not have any money owed with them (assuming you&#8217;re below the $12,060,000 lifetime threshold), but if the giver does not file them, the IRS can impose penalties &#8211; even though there is no money owed!<\/p><p>Although &#8220;it is better to give than to receive,&#8221; the IRS has made things more complicated for those looking to do a good deed.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>I am frequently asked different variations of the following question: &#8220;If my parents gave us a $50,000 gift to help with the purchase of a home, is that taxable?&#8221; Here&#8217;s the great news: If you are on the receiving end of a gift, that present is generally not taxable &#8211; no matter how much you [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gifting &amp; Taxes - A. Shleifstein &amp; Co CPAs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ascocpa.com\/welcome-to-cloudways\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gifting &amp; Taxes - A. Shleifstein &amp; Co CPAs\" \/>\n<meta property=\"og:description\" content=\"I am frequently asked different variations of the following question: &#8220;If my parents gave us a $50,000 gift to help with the purchase of a home, is that taxable?&#8221; Here&#8217;s the great news: If you are on the receiving end of a gift, that present is generally not taxable &#8211; no matter how much you [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ascocpa.com\/welcome-to-cloudways\/\" \/>\n<meta property=\"og:site_name\" content=\"A. 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