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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Are you planning to give sizeable gifts to family members this year? Due to generous provisions in the tax code, you may not owe any federal gift tax, but you still might be required to a file a gift tax return. Here’s a quick review of the basic rules. Despite a common misconception, gift tax is paid by the gift...

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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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