Do you need to file a gift tax return?
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...
Tags: Gift Taxes
Category: Taxes