| February 14, 2014 |
Feeling generous? Want to give a gift of cash or something equivalent to a family member or friend? You should understand the tax implications.
There are numerous reasons why you might want to give a gift to someone you know. Maybe a family member has gone through some hard times, or a friend’s child needs help with school tuition. Or you’ve come into something of a windfall and just want ot share the wealth. The IRS has very clear rules about the tax implications of gifting. So before you bestow a part of what you own to someone, check with us to make sure you understand when taxes might be due.
To read more about the tax implications of gifting, click here.