The Gift Tax Explained - What You Need to Know

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Information The Gift Tax Explained - What You Need to Know

Title	:	The Gift Tax Explained - What You Need to Know
Lasting	:	7.15
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Thanks for watching everyone! To learn more about taxes at death for wealthy people, check out my video on the Step-Up in Basis for investments: youtube/4VCzjXLkbSU
Comment from : Jake Broe

WHAT IF i WANT TO SEND MONEY TO THE PHILLIPINES 120,000 TO WIFES PARENTS TO BUY LAND IN WIFES NAME IS THAT TAXABLE?
Comment from : shawn webber

thankfully in new zealand we got rid of this gift tax in 2011 so we can give out money to family/friends regardless of the amount
Comment from : HughJass

So a one time gift from my father of 60k is tax free for both of us? Just fill out a 709 form?
Comment from : Shane Winters

Why does this tax even exist?
Comment from : Ledwys Delgado

Great video!!!!
Comment from : Straight Up Mortgage Talk

Fuck by my calculations i give about 20k yearly to my mom for housing and food but i gift it to her since i dont really ask how much she needs i just give it to ger for snything the house needs
Comment from : Im shy, please be nice to me

Hi Jake! Thank you for another great video You mentioned the gift could be money or something of value What if a parent and child purchased a home and the parent wants to gift their ownership in a home to their child Would this still apply? If not could you make a video about that
Comment from : Shannon 212

Very nice explanation Very helpful Thank you
Comment from : boy boy

Great video thanks for explaining this! Currently studying for my federal tax class! 😊
Comment from : MARIA GUILLEN

Is the recipient limited to the annual exclusion limit of 17k? Or can they receive that amount from multiple people within a year without reporting it?
Comment from : Balluh

If the recipient receives the annual exclusion limit of 17k from internationally to the US, does the recipient have to report it to the irs?
Comment from : Balluh

Thanks for the info, taxation is theft abolish the IRS!
Comment from : Kaos Koin

2:21 - in this example, Can the donor (mom & dad) deduct their taxable income by $60000 to avoid federal taxes?
Comment from : Kit Karson

Thanks again for another great video Jake You always explain these topics very clearly
Comment from : john gender

Thanks for the video But I would like to mention a following situation: Suppose the IRS sees a discrepancy in the amount of income I declare for taxes and an amount that was deposited in my bank account as a gift How does the receiver prove to the IRS that the undeclared money was a gift from a family member? Could you run the risk of being audited? If one ran into a problem, it's very difficult to contact the IRS to get this solved in the first place I might run into this, that's why I mention it Any help would be appreciated Derek
Comment from : Derek Benoit

Does this work If a non US national gifts a friend over 15k? Or will that fall under a different thing?
Comment from : warlorddoug18

It would be interting if you could do a video on 401K withdrawals My son and his wife want to do this to buy a house What are the tax issues?
Comment from : Mark Hake

Will buying somebody a ticket to orbital or lunar spaceflight incur a gift tax?
Comment from : Samuel Diener

Hi if I give my son 100k at once this month but he pays me back 100k to my bank account before the end of the year Do either of us have to pay gift tax ? Please help 🙏🏻🙏🏻
Comment from : Jon M

Excellent video! Just one question: how many of these gift may a recipient receive in 1 year? brbrExample- could 4 family members each gift one individual person 15k in one year for a total of 60k?
Comment from : Adam Anspaugh

Great, well explained tax matter Thank you for this great info
Comment from : Ecnerwal Noahtyn Aettna

Hello Jake, I really wonder your depth of knowledge in various financial matters Awesome video Thank you again - I am watching most of your videos and trying to learn/understand based on my capability
Comment from : Devi Ambati

But if the parent only give 14k do she still need to file 709? Thanks
Comment from : Dustin Ho

Wow, I had alot of misconceptions
Comment from : Side Spin

As I'm getting older, learning about taxes seems to be the next step in "adulting" Great video jake!
Comment from : Alan Young

Useful thank you
Comment from : D Walker

You had me with "It's not a thing" 'Nuf said 😃 I do have a son in Seoul, Korea, however He makes over $3 million a month Just not dollars KRW, the Won Whew, no worries there either And, unless it was Bill Gates, who would give this a thumbs down?
Comment from : Craig Chambers

Thanks Jake, such a solid video!! Much appreciated
Comment from : Henry Gerlits

Thanks Jake Appreciate all of the content This can be straight up cash? Even if it was not in a bank yet? In your opinion
Comment from : Sublime24

Yeah great video jake always love your videos and I’m happy to share the journey I moved to us in 2019 and I have seen we both had similar journey credit card, stocks I just recently started nfts and crypto would be fun if you allot a little bit of money and see that content just a suggestion
Comment from : Sai Dhanchander

can you give money to a charity that you control? Say could I give money to the "Let's help felipe travel around the world fund?"
Comment from : Felipe Behrens

I have a "good question": What if you gift your son $16-17K every year (single parent) and not filling up 709 What is the punishment for that in case you get audited? (Under no circumstance I will have $11 million by the time I kick the bucket) I tried to google, went to IRS website, asked my CPA -- nobody seems to know the answer
Comment from : Milky Way

Great video Jake I am a financial planner and deal with estate tax all the timebrbrFor the $300k gift example Mom and Dad can and should elect to “gift split” This means if dad is the gifter he can use mom‘s annual exclusion and can gift $30,000 to their child without using any of their unified credit So they would report $270,000 on tax form 709 instead of $285,000brbrSeveral states also have an estate tax on the state level Massachusetts has the lowest exemption amount of “just” $1 million per person!
Comment from : Gary Murano

Very informative, thank you!
Comment from : jane

Jake, whatever you do, do not accept $10 million "gift" from a Chinese or Russian national
Comment from : Chris Brisson

Hi, good videos Are you worried about this possible melt down of company "Evergrande" ? protest-possible suicides going on now Over 300 Billion (+) in Debt and none payment of bonds to bond holders ? Yikes ! (To Big To Fail again??? shades of 2008?) wondering if you were going do a video on it
Comment from : BeachBum Bob

I hope that if I’m reincarnated, I come back with parents like this😂😂😂
Comment from : Chris Brown

What if a foreign aunt and uncle want to gift $15k each…is this a reportable event for the person receiving the gift?
Comment from : leo mannino

Hey Jake brCan you make video about all in one loan?brThanks
Comment from : Mohamed Osman

Can you make a video on how to get my my Father in Law to give my wife the $300k?
Comment from : Fedelis

Large sum of money from foreign peopleyou mean like Nigeria? LOL JK
Comment from : Ruben Rios

Great explanation Jake This is a topic that is heavily tested on the regulation part of the CPA exam and it is really misunderstood
Comment from : David Risley

How EXACTLY do I get the rich, Canadian uncle? Let’s start with that and worry about the taxes later Great video, Jake Love your lessons
Comment from : Leigh Devereaux