Gift to the Farm

The IRS allows individuals to give away a specific amount of assets or property each year tax-free. For 2024, the annual gift tax exclusion is $18,000, meaning a person can give up to $18,000 to as many people as he or she wants without having to pay any taxes on the gifts.

Contributions to the Farm above $18,000 should be processed as a sponsorship.

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ONLY YOUR CPA CAN GIVE YOU ADVICE REGARDING TAXES, NOT US. This statement is a reflection of our understanding regarding gifts that we receive. Annual Gift Tax Exclusion: The IRS allows individuals to give away a specific amount of assets or property each year tax-free. For 2024, the annual gift tax exclusion is $18,000, meaning a person can give up to $18,000 to as many people as he or she wants without having to pay any taxes on the gifts. see https://smartasset.com/estate-planning/gift-tax-explained-2021-exemption-and-rates

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