Tag: gift tax

How the Gift Tax Works

How the Gift Tax Works

Amherst Resident Seeks Advice

Giving more than $15,000 in cash or assets to one person may mean that you have to a file a gift tax return at the end of the year.  What qualifies as a gift by the IRS may surprise you, including paying for a child’s wedding, adding cash to an elderly family member’s bank account and even gifting a car.  While all of these may not require you to pay a gift tax, you will need to file IRS Form 709 to fully disclose the information.

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