Who doesn’t love getting a gift??
During the year 2019, you can gift up to $15,000 to as many people as you’d like, without having to file a gift tax return. This amount doubles to $30,000 if you’re married. Gifts can take on many forms, including cash, checks and even investment securities.
These gifts do not show up on your current year tax return, or the tax return of the receiver either. They can lower your overall net worth, which could then reduce the potential for your beneficiaries paying an estate tax in the future.
Please give my office a call to ensure your gifting is done properly!