Gifting relates to the federal gift tax, not the federal income tax.
relates to the federal gift tax, not the federal income tax, said Tom Szieber, a trusts and estates attorney at Chiesa Shahinian & Giantomasi in West Orange.“As you alluded to, at the federal level, there is a $16,000 annual exclusion for gifts to any particular donee, meaning that you can gift up to that amount to an unlimited number of individuals,” he said.
“Gifts in trust which the trust beneficiary does not have the immediate right to possess generally do not qualify,” he said. “However, a few types of trusts, including Section 2503 trusts for minor beneficiaries do qualify for the exclusion.”
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