If I give gifts of $10,000 to 10 people, will there be any tax on either side? (giver/receiver)?

Question

If I give 10 family members $10,000 a piece. Will anyone have to pay taxes on it or report it as income?

Can I do it as a corporation or does it have to be as an individual gift?

Answer 1

As an individual, you can give up to $12,000 per calendar year each to any number of individuals without anyone having to report anything.  If you give a gift to any one person of more than that, then you have to file a gift tax return.

Answer 2

No tax, and under $12,000 per recipient, no reporting either.

Answer 3

you can do it as an individual and nobody has to pay any extra tax on it.

YOU the giver, will have to report the gifts though.

look up "gift tax" at www.irs.gov for the forms.