Question on Gift Tax

[Jarett Tigges]

Hi BP community,

Does gifting money reduce your taxable income? I know the limit is $15,000 for tax free gift, but does it reduce the gifter's income for that year? Say you make $90,000 and you want to find someway to drop into the lower tax bracket. If you gift $10,000 to a family member, does that lower you or does it have to be a gift to a charitable organization?

Let me know if you have any idea!

Thanks