There’s a lot of confusion about how much money you can gift and avoid taxes.
Attorney James McQuade sheds some light on the complex issue of gifts and tax liability.
Questions About Gifts & Tax Liability?
Clients often ask me, “What can I gift to someone without incurring any tax liability?” And what I tell them is, you’re allowed to give to your spouse any amount of money at any time.
You are free also to gift to any individual an amount up to $15,000 that is free from any gift tax liability.
In addition to the $15,000 annual exclusion amount, you have an $11.18 million exemption for unified estate and gift tax exemption that you can also utilize. This exemption is set to sunset or expire in the year 2025. Thanks a lot.