Tag Archive: Gift Taxes

Do you need to file a gift tax return?

Written by April 7, 2016

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...

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Gift Taxes – A Primer

Written by February 13, 2013

There is a great deal of confusion about gifting and gift taxes. The federal gift tax law is completely apart from the income tax law. Neither party to a gift should include the gift information on their income tax return. The gift is not tax-deductible by the one giving the gift, and it is not taxable income to the one...

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