Ben Raikes, CFP®, EA, of Mason & Associates kicks off our Financial Misconceptions Series discussing gift giving and gift taxes.
ℹ️ About the Episode:
• Filing a gift tax return (Form 709) and owing gift taxes are not the same.
• In general, there is a filing requirement when gifts to an individual total more than $18k in a year (2024).
• However, filing a gift tax return does not mean you owe gift taxes.
• In most cases, there are zero gift taxes due until over $13,600,000 is given away.
• The numbers above are doubled for a married couple.
• Always seek the help of a qualified professional!