how much can i give someone as a tax free gift?
 

in the following states..

california
florida
new jersey

im wanting to get a bit of tax releif for a large sum of $$$ and want to know the best state to give this person $$$ a 'gift'

I think it has to be under 10,000.00 and I think it's the same in any state

My "feeling" is $10K, but call up an accountant or look at the IRS site.
ZoiNk

yeah i thought it was a 10k federal limit but wasnt sure guess ill be checking out the irs website lol

on the off chance that anyone knows the answer to this..

say i give three people 10k gifts can they then put those funds back into the company and claim them as a personal write off?

i thought its more like 50k one time gift in california, but I could be wrong.

Poland is US' strategic partner, so there's a new rule that when you give me $15k, you won't be audited for the next 7 years :)

ah, on a serious note, you were looking for some translations..still interested in that ?

best thing to do is contact irs:)

we got the people for the languages we needed immediately but i have that thread bookmarked so will hit you up in the next few weeks when we are ready to move forward on the next stages bro :thumbsup

I left my accounting degree behind for porn :1orglaugh

But yes, it has to be below 10k

Ivy

okay just checked on the irs site and it is below 10k

however i cant find out whether it is possible for the people that receive these gifts can put the funds back into a business and claim tax benefits of it anyone happen to know what thats called or if they do?

I remember reading it was $10K which is not taxed by the recipient...after that, I think they can do anything they want with it, including investing it in a business and still use that expense to offset income from the business.

ill take as much as you wanna give me, I need a few K for my truck anyhow :)

yes it's 10,000 and they are best to depost into their account in 3 smaller amount is you do it or I think the bank has to report the transaction it big brother... I know they do with cash.... P.S. you can give that each year also... Dec 31 & Jan. 1 if you want to give more away...