Does The Person Gifting Money Pay The Tax?

Does The Person Gifting Money Pay The Tax?
Dr. Friday Tax Tips - One Minute Mo...

 
 
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Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one minute moment.

Dr. Friday 0:12
Should you start gifting out money from your estate, maybe help lower the taxes? And the answer could be yes, but there’s a lot more to it. Remember 11.4 per person is roughly what the IRS is saying you can pass through your estate, and that’s a lifetime of giving and gifting money away. So the question comes down to, who pays the tax? Remember, it’s always the person giving the money that pays the tax. So if you receive a gift, you do not pay the taxes. So make sure if you’re going to be gifting people money that you’re tracking it and filing it with the IRS. If you’ve got questions, call 615-367-0819.

Announcer 0:52
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.