Gift Tax

  • You can give gifts totaling $14,000 or less to any one person per year without paying the gift tax. If you give over $14,000, the gift tax owed will be figured on the amount over $14,000 only. Your spouse can also give $14,000 or less to the same person during the same year without incurring a tax liability.

    The gift tax is paid by the gift giver, not the receiver. The person receiving the gift does not need to claim the gift as income.

    Gifts can include money and property, and are considered gifts if nothing is received in return. You may also be giving a gift if you sell something below its value or even if you make a loan.