Will my gift be subject to the gift tax?

Published On: 01/11/2018

Gift TaxAny property or assets given as a gift are subject to the federal gift tax. However, there are a number of exceptions or ways you can transfer assets, including money, without incurring gift taxes:

  • Give any number of people up to $14,000 each per year ($28,000 if you're married). These gifts are called annual exclusion gifts.
  • Pay any amount toward another person's tuition or medical expenses, as long as you pay these amounts directly to the school or medical provider. You may also contribute up to five years of annual exclusion gifts ($70,000) per year to a 529 college savings plan or prepaid tuition plan as long as you make the proper election on a gift tax return.
  • Give any amount to your spouse.
  • Give any amount to charity.

Please contact Stouffer Legal for a consultation to discuss your estate planning needs.

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Post Author

Britt Stouffer

Britt L. Stouffer is a Maryland attorney experienced in Estates, Trusts, and Elder Law. With over 10 years of experience in Estates and Trusts, she has learned to appreciate how unique each client truly is. On a typical day, you will find her working on Wills, Revocable Living Trusts, Powers of Attorney, Advance Medical Directives, Tax Planning cases, Estate Administration filings, Petitions for Guardianships, Special Needs Planning, and Asset Protection.

658 Kenilworth Dr., Ste. 203, Towson, MD 21204



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