gifting money
Can you explain about gifting money to individuals, tax implications and about the $15,000 max a year and what happens if you give more
Terry Says
You can give any amount to anyone. the recipient does not pay taxes. If you gift more than $15,000 a year to any person, you should keep track of it, and if it’s a large amount file a gift tax return (no tax is due). This is just so the IRS can keep track of your gifts. No tax is due until the amount goes over $11.58 million (current amount) at your death, when your estate is distributed. Then your state will owe gift taxes on the amount of the then-current level of gifts.
But you don’t have to track the $15,000 a year you can give to anyone, or lots of people!