The Gift Tax: How It Works And What You Need To Know


When you give a gift to someone, the Internal Revenue Service (IRS) requires you to pay tax if it’s worth more than a certain amount. This is the federal gift tax. In 2020, you can gift any individual up to $15,000 for the year, just as you could in 2019 and will be able to do in 2021. Gifts to your spouse and certain tax-exempt organizations are exempt from gift tax.

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