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Submitted 400 days ago...

Gitargal

Gitargal

Beginner (30)

IRS rules on monetary gifting question

I gave my mother a gift of $10,000 this year when her home was destroyed by fire. Is this gift deductable on my taxes and will my mother be required to pay taxes on that money?

 
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Submitted 385 days ago...

Jodi-Mesa

Jodi-Mesa

Brain (2,795)

It is not deductible on your taxes because her status is not tax exempt 501(3)(c) - non profit organization. You won't have to pay taxes on it because gift tax (30%) is only on a gift amount of more that $12,000 per person per calendar year. She's a lucky mom that she has you looking out for her.

 

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