If you have the good fortune to give large sums money to either family members, friends or even strangers, the IRS allows you to gift up to $13,000 per year tax free to an individual. While the giver has to file Form 709, United States Gift Tax Return, the recipient neither has to report it on their tax return nor pay tax on it. A very nice gift indeed!
Stuart Steinberg, CPA, MBA has owned a strategic tax planning practice on the North Shore for 23 years. Please feel free to contact him anytime and let Erock Tax take care of you!