We’re already in December! That means (among other things) that it’s time to consider your end-of-year gifts.
You already know that you are limited to making gifts of $15,000, right? Wrong! There is no such limit, as we explain in this week’s podcast episode. The “limit” is just on gifts that escape any reporting requirement at all. If you make a gift over the $15,000 figure, you do have to file a gift tax return — but that doesn’t mean you have to pay any tax. Nor does the recipient have to pay tax on what they received.
Can you just pop checks in the mail for your end-of-year gifts, and be done with it? No (as we explain). This late in the year, you might want to get a bank check, just to make sure your gift has gotten out of your bank account before December 31.
There are some rules about making end-of-year gifts. The good news is that it’s not that hard to comply with them. At Fleming & Curti, PLC, we are big fans of making gifts. We just want to make sure you do your gift planning thoughtfully, and we hope you can get it done earlier in the year.