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[Music] hi im andy panko owner of tenon financial welcome to retirement planning demystified lets talk about gifts specifically the tax implication of giving and receiving gifts well part of that is easy gifts are never taxable to the recipient however as the donor or gift giver theres a lot more to it ill explain first be sure to like this video and subscribe to this channel so you can be notified when i release additional videos before we start remember this video is only general explanations and education its not specific tax legal or investment advice before considering acting on anything you see in this video first consult with your tax legal or investment advisor theres one huge distinction i need to make up front between gifts and charitable donations when you give something of value such as money or clothes or a car to a certain type of qualified organization thats a donation and may be eligible for a tax deduction like if you give cash to a church university your local