A key rule is that the giver is responsible for any tax, not the recipient. But most people never owe any gift tax because of ...

In the countdown to April 15, many people rushing to prepare their individual income tax returns will overlook another key tax document that's due the same day: Form 709, covering taxable (or ...

Key Takeaways In 2025, individuals can give up to $19,000 per recipient tax-free under the annual gift tax exclusion.Certain gifts—like those to a spouse or direct payments for tuition or medical ...

For 2023, the annual gift tax exemption is $17,000, up from $16,000 in 2022. This means you can give up to $17,000 to as many people as you want in 2023 without any of it being subject to the federal ...

Advice offered by Marc Hebert, president of The Harbor Group Inc., a certified financial planner. If you have any questions about finance or if you'd like to suggest a future topic, email ...

Most taxpayers, from individuals to married couples, are unfamiliar with the concept of the gift tax. The government assesses this tax on certain transfers of money or other assets from one person to ...

One important caveat: Congress is currently debating a tax bill that would permanently raise the lifetime exemption amount to $15 million starting in 2026 (adjusted for inflation annually after that).

This article was updated on Oct. 14, 2016. The estate and gift tax only applies to individuals whose assets are worth more than $5.45 million, but there are ways to reduce or eliminate the tax even if ...