TAX TIME IS ALL THE TIME®  is a registered trademark of Sidney M. Schuchman, CPA © 2020

GIFTS THAT COUNT

February 1, 2020

The Annual Gift Tax Exclusion remains at $15,000.  You can gift that amount to as many people as you wish with no federal gift tax consequences. If you and your spouse gift to the same individual, you can gift a total of $30,000. If you gift over that amount, there is no tax involved, but a Gift Tax Return will be needed.

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Tax Tip of the Month

Tax Tip of the Month