A common question 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. A gift consisting of a direct payment to providers for medical and education expenses does not count toward the annual gift tax exclusion limit. Call the Ketel Thorstenson Tax Team with any questions, 605-342-5630.
Latest posts by Ketel Thorstenson, LLP (see all)
- Tax Tips: Extension - Mar 20, 2018
- Tax Tips: New Tax Rules for Improving Commercial Property - Mar 14, 2018
- Tax Tips: Depreciation - Mar 7, 2018