December 2019

Year End Gifting

With the holidays fast approaching, giving is a topic on many minds, including considering what to gift to loved ones or finding a charity to donate to. Each year the IRS recognizes a gift tax exclusion. This is the amount an individual can gift to someone else or an entity without using any of their $11.4 million lifetime exemption amount, and without the necessity of filing a Form 709 Gift Tax Return. The annual gift tax exclusion amount for 2019 is $15,000. A spouse may join...