Updated: May 25, 2020
Christmas is coming! Perfect timing to give a check to the children either for their first car or first house partial down-payment. This is a great timing to do so now!
In 2018, a gift of $15,000 or less in cash would qualify 2018 annual gift tax exclusion. This means this gift will not subject Gift Taxes.
If you’re married, you and your spouse could give away a combined $30,000 or less a year to whomever without having to file a gift tax return in 2018.
The best part is you can continuous give the cash gifts that under IRS annual gift tax exclusion year after year.
The IRS annual gift tax exclusion change every now and then, please feel free to call us to check the most current gift tax exclusion!
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Call Irvine Bookkeeping today if you have any questions
You reach us at 949-545-9980 or visit us at www.irvinebookkeeping.com