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United States of America Taxes and Gifts - IRS
Special Consideration* How much money can you receive as a gift without reporting?
Don’t fear the gift tax: Understanding gift tax exclusions and rules for 2024
https://www.britannica.com/money/gift-tax-rules
How do I deposit a large cash gift?
A: Under federal law, large cash gifts are allowed, but be aware of IRS gift tax rules. Banks will report cash deposits over $10,000, so it's wise to notify your bank before making a large deposit. Ensure you have documentation regarding the origin of the gift to address any future inquiries
What gifts are reported to the IRS?
“Eight Things You Should Know About Reporting Gifts To The IRS” - Hale Ball Murphy
Non-Taxable Gifts — The general rule is that any gift is a taxable gift. However, there are many exceptions.
The following gifts are not taxable by the IRS:
Gifts that do not exceed the annual exclusion for the calendar year (currently $15,000),
Tuition or medical expenses you pay directly to a medical or educational institution for someone,Gifts to your spouse,
Gifts to a political organization for its use, and
Gifts to charities.
