| ALERT
2025 GIFT TAX ANNUAL EXCLUSION
The new amount that you can gift without any gift tax ramifications is $19,000 per person, per year, up $1000 from last year.
What does this really mean? It means that if you give more than $19,000, you must (are supposed to) file a gift tax return. It is a reporting requirement, not a threshold where you must pay a tax. You see, the government wants to keep track of your lifetime gifts because if it ever exceeds the 2025 federal gift tax exemption of $13,990,000, you will then have to pay an actual tax. Obviously, this only affects really rich people.
And by the way, New York has no gift tax.
I hope this helps. |
