As we head toward gift-giving season, you may be considering giving cash or securities to your loved ones. Taxpayers can transfer amounts free of gift taxes to their children or others each year through the use of the annual federal gift tax exclusion. For 2019, the exclusion is $15,000 to each person. If you’re married, gifts made during a year can be treated as split between you and your spouse. By “gift-splitting,” up to $30,000 a year can be transferred to each person by a married couple, because two annual exclusions are available. If you give appreciated assets to loved ones in lower tax brackets, they may be able to pay a 0% long-term capital gains tax rate. Contact us with questions. www.mjscpa.com/news/
