https://curtisfinancialplanning.com/wp2018/wp-content/uploads/2017/02/gift-tax-law.jpg 960 1280 Cathy Curtis https://curtisfinancialplanning.com/wp2018/wp-content/uploads/2018/04/cfp_logo.gif Cathy Curtis2017-02-18 00:55:202018-07-17 03:48:32Clearing up the confusion over the Gift Tax Law, updated for 2018
There are many confusing tax laws, but the one that seems to generate the most misunderstanding is the gift tax law. Everyone seems to be aware that people can give up to $13,000 (this amount is periodically adjusted for inflation) a year with no tax consequences - but beyond that it’s fuzzy. A client asked me today if she would have to pay tax on a $100,000 gift her parents were planning to give her to buy a house. The answer is no.