Income Tax > Gift

Under current law, individual can make a gift to any other person of
up to $12,000 per year without any tax consequences to either the donor or the donee.

Gifts to other individuals above this threshold are taxable to the
donor and a Gift Tax Form 709 must be filed with IRS.

In many cases there will be no tax paid with the return. The donor’s Estate and Gift Tax exclusion will be reduced by the amount of the gift.

We are experienced in the preparation of Gift Tax returns and help in the planning of the gifting process to reduce the long-term consequences of gifting.