Monetary Gifts????

[raqueldiva]

I recently won $50,000. How much can I give to my husband without it being taxed?
are there any other ways to distribute it in order to keep my tax bill down?
help!!

[boosami]

You will pay income tax on that $50,000. You can't gift that away, except to charitable organzations. If you give it away to your spouse or anyone, you'll still be taxed on it as income, and potentially with an additional "gift tax" as well (if you give away more than $12,000 and don't use a Estate Tax Credit).

That additional "gift tax" does not apply to gifts to your spouse, but none of it is tax free because it will be taxed as income either way.