Prior to 2023, the maximum amount that a person could gift without filing a gift tax return was $16,000 per person. If an individual transferred gifts worth more than $16,000 to one person in a year, then the person who…
Tag: gift tax return
IRS Increases Annual Exclusion for Gifts
If you provide too much money as a gift to someone during a year then you may have to file a gift tax return with the IRS. The gift tax return is known as Form 709. If the total gifts…
Medicaid Does Not Allow Gifts of $15,000 Per Year
If a person provides gifts within five years of the Medicaid application, then the County Board of Social Services will presume that those gifts were provided for Medicaid planning. The individual who provides gifts within five years of the application…
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