There is a federal gift tax in place that is unified with the estate tax, but there are exclusions that can be used to give tax-free gifts. You can give up to $14,000 each calendar year to an unlimited number of people tax-free, and you can also pay for school tuition and medical expenses free of the gift tax.
Topics covered in this report include:
- Annual Per Person Exclusion
- Educational Exclusion
- Medical Gift Tax Exclusion
- Unified Lifetime Gift and Estate Tax Exclusion