Hello, I'm Sara from TurboTax with some information about how the federal gift tax works. Most people are unfamiliar with the gift tax rules but for good reason. The average tax payer rarely encounters it. Here's why. Most of the gifts you make are usually excluded from what the IRS te...
The IRS requires you to report all taxable gifts you make during the year and pay the appropriate tax. However, due to the generous exclusions and deductions available, the average taxpayer never files a gift tax return or pays gift tax. The intention of
There are rules around gifting family money, such as children and grandchildren. Read our guide to Inheritance Tax gifts and allowances.