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Financial Misconceptions - I DON'T Have to Pay Gift Taxes?

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!