810 Quincy Street | Rapid City, SD 57701
(605) 342-5630
(605) 342-2172

Tax Tip: Gifting

One of the most common questions on taxes is about gifting. A gift of money or property is not deductible on your tax return nor does the recipient report the gift as income. For 2016 the annual gift exclusion is $14,000 per person. Gift of a direct payment to providers for medical and education expenses do not count toward the annual gift tax exclusion limit.

If you have questions about gifting or need assistance with your tax return preparation call the accountants at Ketel Thorstenson with offices in Rapid City, Custer, Spearfish, and Williston. We are here to help. We are your “Friends for Life.”


Ketel Thorstenson, LLP

Ketel Thorstenson, LLP

Ketel Thorstenson, LLP, has over 60 CPA’s on staff and has been serving clients across the region since 1936. With offices in Rapid City, Spearfish, and Custer SD, the firm offers a variety of services including tax planning and return preparation, audit services, QuickBooks, bookkeeping, payroll, business valuation and estate planning.
Ketel Thorstenson, LLP

Latest posts by Ketel Thorstenson, LLP (see all)

Related Posts