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Is there a limit as to how much money you can gift someone?

 
Musicmom80

Asked by Musicmom80 at 12:41 AM on Feb. 25, 2011 in Money & Work

Level 36 (80,428 Credits)
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Answers (6)
  • Not a limit- but a tax if you gift 'too' much. Like SleepingBeautee said, if you gift more than $13,000 to any one person there are no taxes- anything more than that, and there are taxes.

    But as long as you don't mind paying the taxes, then no there is no limit.
    Erica_Smerica

    Answer by Erica_Smerica at 5:12 PM on Feb. 25, 2011

  • Do you mean as far as taxes go? If so you can gift up to $13,000 a person, or $26,000 a couple. It is not taxable as long as it is less than that.
    SleepingBeautee

    Answer by SleepingBeautee at 1:01 AM on Feb. 25, 2011

  • From a tax perspective, yes. The limit this year is $13,000 per individual to avoid any kind of tax consequence.
    Anonymous

    Answer by Anonymous at 9:03 AM on Feb. 25, 2011

  • For me it depends on who the gift is for. My kids a 100.00. Of course their now adults and I know how expensive it is for them. Good friends 25.00-50.00, dependin on how good, lol
    Kathy675

    Answer by Kathy675 at 12:51 AM on Feb. 25, 2011

  • it depends on who you are giving a gift to, I bought my girlfriend a gift card from starbucks but only had ten dollars on it, she is however my best friend and i wasnt trying to make an impression or impress just a little gift for her for v-day, so it all depends on the occasion and who the person is i think
    emleejanedom

    Answer by emleejanedom at 1:02 AM on Feb. 25, 2011

  • I wasn't referring to taxes, I was actually asking if there was a legal limit. I didn't think so. Thanks ladies.
    Musicmom80

    Comment by Musicmom80 (original poster) at 5:48 PM on Feb. 25, 2011