Learn about the gift tax rules, limits, and how to report taxable gifts to the IRS. Understand the lifetime exclusion limit and annual reporting requirements with examples.

If you provide financial help to family, friends, or others — whether paying tuition, covering medical bills, or sending money through an app — you might be wondering about possible IRS or tax ...

How much money can I give to my son and daughter-in-law without incurring a tax issue with the IRS? -Irwin For 2024, you can give your son and daughter-in-law each $18,000 without having to deal with ...

One thing to be wary of: How the IRS defines what counts as a gift. For instance, if you sell a house for substantially less than the IRS would deem its fair market value — perhaps as a favor to a ...

Just about every time a benefactor provides gift funds for a home purchase, two questions come up. Do I have to report the gift to the Internal Revenue Service? Do I have to pay tax on the gift? The ...

THE 2001 ACT DID NOT ELIMINATE THE GIFT TAX. That means CPAs and their clients still face compliance issues when preparing and filing Form 709, United States Gift (and Generation-Skipping Transfer) ...

Most households don't have to worry about the gift tax. For 2025, you can give up to $19,000, per person, to as many people as you want without triggering any taxes. This is the annual exemption.

Estate planning for high net worth individuals often involves the lifetime gratuitous transfer of assets to family members or trusts for their benefit. Oftentimes these gifts should, and in some cases ...

Want to get on someone’s good side? Help them out financially? Or, perhaps, just make them really happy? Give ‘em a gift! (Cash is always nice.) But if you’re in a gift-giving mood, and you have a lot ...