Planning Briefs
How To Give Gifts And Not Trip On The Gift Tax
Published Tuesday, April 23, 2019 at: 7:00 AM EDT
It may be better to give than to receive, as the old saying goes, but it's also best to avoid the taxes on your generosity. What's also smart is knowing when you have to file a tax form as a gift giver.You can give one person up to $15,000 yearly without incurring any taxes. In fact, you can give multiple people a gift of up to that amount, and they don't even have to be related to you — your son, your daughter, your best friend, your manicurist, whoever. So, if you give your favorite niece $25,000, you only owe taxes...
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