Will my gift be subject to the gift tax?Published On: Thursday, January 11, 2018
- 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.
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