Did you know that if you made gifts during 2015 in excess of the $14,000 annual limit to any one person, you may need to report the transaction to the IRS. When you and your spouse agree to “gift splitting,” you could give up to $28,000 to any one individual with no gift tax liability. However, gift splitting means that each of you will need to file a gift tax return. If you can’t complete your gift tax return by the April filing deadline, you can request an automatic six-month extension. You will need to pay any tax due with your extension request.
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Tags: Gift Taxes
Written by: Doug Rodrigues