Ocean View, DE asked in Tax Law for Delaware

Q: How much can you Gift Tax to a relative and how many times a year can you do that!

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  • Tax Law Lawyer
  • Seattle, WA

A: You can gift up to $13,000 to each person per year without it counting against your lifetime limit. If you are married, you can make an election on your tax return and increase that amount to $26,000 per person, per year. But unless you have a large estate, this will not mean you are going to pay gift taxes. But either way, only the portion that exceeds this annual limit will count against your lifetime total.

The recipient will not be taxed on a gift, no matter the size.

Christopher Larson

Insight Law

www.insightlawfirm.com

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