Giving Money? Who Pays the Taxes?

Giving Money? Who Pays the Taxes?
Dr. Friday Tax Tips - One Minute Mo...

 
 
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Dr. Friday
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.

Should you start gifting out money from your estate maybe to 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 is 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. You’ve got questions (615) 367-0819.

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