May 2019

Transfers Between Loved Ones

Photo by Sharon McCutcheon on Unsplash Is it a gift or a loan? Different requirements and issues are raised depending on how this question is answered. If it’s a gift . . . Most gifts do not require paperwork or IRS Forms to be filled out. In fact, presently individuals can gift up to $15,000 per recipient per year without paying any gift taxes, and married couples can combine their gifts and give up to $30,000 per recipient per year. Any amount over that $15,000 means the...