Tis the Season for Gift Giving

Thinking of gift giving? Taxpayers wgift box 2019 - emailho wish to give monetary gifts can take advantage of the annual gift tax exclusion to give up to $15,000 to each person on their gift list without paying a gift tax or eating into their lifetime estate and gift tax exemption. This exclusion is essentially doubled for married couples, as each spouse can gift $15,000 without triggering the gift tax. Annual gifts over the $15,000 per person limit will require you to file a gift tax return, but no tax will be due unless your total lifetime gift exceeds $11,400,000.

As always, you should consult with a qualified tax advisor before making any decisions. We’d be happy to discuss the advantages of gift giving with you. Please call our Tax Department at (781) 407-0300.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s