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May 13, 2024
Question

Cash gift to kids in my family

  • May 13, 2024
  • 2 replies
  • 0 views

As peras mentioned in https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes, you do not have to report to IRS if your cash gift is below the $17K amount for the year 2023. If I have been gifting for several years, and this amount would have added to $100K or more. How do I report this to IRS so this amount gets deducted from my total estate?

 

Thanks

 

 

 

    2 replies

    Employee
    May 13, 2024
    No text available
    ac95035Author
    May 16, 2024

    Thanks.

     

    If you have been gifting for several years and you want to deduct this amount from your estate, what type of document is acceptable to IRS?

     

     

    Employee
    May 16, 2024
    No text available
    VolvoGirl
    Employee
    May 16, 2024

    And your gifts have already been deducted from your estate.  They are gone and out of your estate now.  They are not part of your estate in the first place anymore.