Archived Posts: federal income tax

Tips to Help You Figure Out if Your Gift is Taxable

Tips to Help You Figure Out if Your Gift is Taxable

If you've given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually does not apply until the value of the gifts you give that person exceeds the annual exclusion for the year. In 2021, you can give any amount up to $15,000 per person per year with no gift tax liability. However, gifts exceeding that...

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