DO I HAVE TO PAY A TAX ON GIFTS THAT I HAVE THAT ARE OVER $13,000 PER YEAR?

There is not a limit on gifts you can give to charity or your spouse without owing tax subject to several exceptions. The $13,000 a year is per person ($26,000 if you are married). You can give $13,000 to as many people as you wish each year tax-free.

Even if you exceed your annual exclusion amount in gifts, you won’t immediately owe anything to the IRS unless you exceed your lifetime exemption. However, you still must file a gift tax return if you go over the limit.

If you or a family member need assistance with estate gift tax call me at (716) 333-5144.

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