How much money can I give to my son and daughter-in-law without incurring a tax issue with the IRS? -Irwin For 2023, you can ...

It is very rare for an ordinary household to owe money on gifts. The gift tax has a somewhat complicated two-tier structure.

Fewer taxpayers are subject to gift taxes thanks to a $12,920,000.00 lifetime gift tax exemption for 2023. Because many taxpayers do not fall under the exemption amount, they do not necessarily have ...

Many people give a gift of money to celebrate an occasion or milestone for a loved one without contemplating taxes. And in most cases, you don’t have to worry about it because of the annual tax-free ...

A single person who gives gifts of up to $19,000 each to several different recipients in a year won’t be affected by the gift tax and won’t have to file a gift tax declaration. But if you give several ...

Tax filing season is right around the corner, and many VERIFY readers have been sending us tax-related questions before the April 15 deadline. VERIFY reader John wants to know if there is a limit on ...