Under current federal tax law, in 2016, you can take advantage of an annual exclusion to give up to $14,000 to as many individuals as you want without paying gift tax. If you’re married and your spouse joins in the gift, you can, as a couple, elect to give $28,000 to each person with no gift tax liability. If you plan to make gifts this year, remember that your gifts must be completed by December 31.
Feel free to contact the office if we can provide further information.
Written by: Doug Rodrigues