What to Write When Giving Money As A Gift?

hi tony bradshaw with adds onto your

income dot com

here to answer the question of

what should i say when i give money

or or what do i write when i'm giving


money and i look forward to

sharing some of the favorite things that

have been written to me

let you know what i think you should

write and then at the end i'm going to

talk a little bit about

documentation or paperwork when it comes


your taxes and so you know what to do

when you get to that point

all right let's dive in so the first

thing i'd like

to show you is an envelope i actually

just had on my desk just took it off my

desk of

um money that came to me

from my parents my parents sent me

a a gift just just a lot a couple weeks


this arrived and they had mentioned they

were going to be sending some

gift income which is always wonderful

and i

had put a couple of videos on this

channel that you could look at

about giving money and actually sitting


and and giving money and then

receiving a grant which is always


i received money then

a couple other ways in which money has

come to me and this was

this was the one so on this um

my my parents wrote dear tony here it is

have fun

we love you mom and dad

so that's what they wrote and the smiley

face is very

characteristic of of my i'm knowing this

is from my parents

um i think though that my favorite part


the little note but the on the on the

edge of the envelope here in the back

imagine the smile on your face

and then of course the the smiley face

i've received i've received gift income

and just had a little

little cards that are with it a

letter just telling me about what's

happening in the person's life or

based on our last conversation i will

say at this point

it's a great time to make sure you're

clear about what the gift income is for

for example if you want them to


coats for their kids right we were


you mentioned you'd like to get new


here is money for you to get new coats

for your kids so if you have

expectations with that gift that it

actually is going to

turn into something else you know if

you're sending money for a holiday or

birthdays and you you just can clearly

state that this is for this person's


in what you're saying so be sure to

include that and that's always nice to

know on the receiving end that

this is gift income for us to

whatever it is and so that's a that's a

great thing to say

i if you're trying to be anonymous

it can kind of be fun or um

even no no at all would be okay

yeah the the times when we've received

anonymous gift income which has happened

i will say once we got it in our mailbox


probably just drove up dumped it in the

mailbox they didn't actually put it

through the mail

i learned from our mail carrier that

that's not

legal apparently we obviously

happily accepted the gift uh bring it on

anyone that

knows where my house is feel free to

stop by um

i will not report you

it's apparently that no one else except

the owner of that mailbox is to

open it there you go so

um and that makes sense it's a

confidential spot to be

but yeah we got some anonymous money

that was put there

i have enjoyed giving

anonymous money as well and that's kind

of fun i did it through the mail by

sending it to someone first and then


send it on from there so it's not even

in my zip code so they have no idea

where those funds came from um it's fun

to get out

a stencil thing and write the note so

that it's not my handwriting it's a


so you can't track it back to me and

that's kind of fun

anyway so what do you write then you you

just you

again if you have a purpose for the

money you state that purpose

for the money if you just want to let

them know

i would so here's someone someone is

thinking of you

right i'm thinking of you and or

wishing you better in your situation

i love notes where i've gotten

money and it said spend it how you'd


um enjoy it enjoy an evening out with


your kids uh you know okay kind of

this is where we get to the point where

we think all right

it's not really about the money it's

about the experience you're trying to

give that person

you're trying to help that person


right that was actually what also helped

us to ask better we learned

from people that wanted to give money to

let them know the purpose of it what

what is the

the need especially if there is a need

and i say need almost in quotes because

it's a need that's

often more like a want like we really

like to be able

to take our kids on a family vacation

to see in south dakota

mount rushmore and we know

we've done our homework it would cost

this much

and we're a thousand dollars short okay


would you help us with this need what


right would you help us with this dream

with this

hope of ours and that's where people

really help

a lot i was talking with someone who

was president of a pta and he talked


how he really helped that pta to put the


inside of their coffers because they

just had lots of money

into programs and spend that money on


on the children in the school and so i

said you know what i'd like to know more

about this

um how can i better inspire the pta

to put money into

the current students of the school and

he said you know what you need to do

you need to make sure they understand

the need you need to figure out what the

need is

be able to communicate the need and have

it be that they're going to fill

that need that's what the money is for

and so i look forward to it i still

haven't done this conversation with just

a couple of weeks ago

and it makes sense because i've asked

for money and i've asked and i'm like

this is my dream this my dream this is

my you know hope

and yet how can i tie it into a need how

could i tie it into

this solves a need at our school

and what does our school need really and

then go from there

i'm a little bit to the side but really

not too far

because it's about that gifting and that


and i am remembering that i had promised

to talk to you about

tax documentation the

process of gifting money

from you must have

a tax documentation when

it is above the current amount is 14

000. i'm not sure you can double check

on the amount

i got up to 15 000 this year

2021. at any rate you

need to report that

and that is

a tax requirement

so and and again try not to evade this

because that's

that's a significant chunk of change

once you're getting

fifteen thousand dollars there are

ways to work around that for example um

parent say it's the mom could give to

the child

parent say it's the dad could give to

the child

parent let's say it's the mom again

could give to the

husband of the child other parent could

also give to the husband of the child

so you could end up with four

different contributions tax wise that

would still

allow you to gift that money

and not needing to put it into that

category of

gifting this is in the payout of

inheritance money

that each year there's a certain amount

the government will allow you to pay out

that doesn't actually start to become

such a large amount that needs to be

reported for

you as the giver when that happens you

just want

simple documentation even if

even if you are under the amount that


have to report it's great to have some

type of documentation

a paper trail of some sort it usually

includes the actual agreement or

something in writing

and it can have something if you use a


which seems so old these days but that

transfer of funds

you just want to have that documented so

that when you process your taxes

that information is ready to go

i'm not an expert on this but i am


when you are gifting a certain amount of

money the documentation

being there is very important to show i


because you can show and still be within

the tax requirements you could say

i gifted this much to this person i

gifted this much to that person

and i am within my

bounds i'm within the amounts that i'm


needing to have it affect my taxes and

just having that documentation will help

you because if

if you get to the um tax time and

and you've put out you know

sixty thousand dollars and well where

did where did all that sixty thousand

dollars go

then you'll have your documentation

ready to go

and it doesn't need to be like notarized

or fancy or anything it just

it can be it can be signed between you

and the person you give the money


wow i love that you are giving

you are my kind of a person and i look

forward to seeing you

on the other side