From time to time, our clients ask us about gifting.
Here’s the skinny — the gift tax exclusion amount for 2016 is $14,000. That means that this year you can make gifts of $14,000 (or less) to as many people as you like without triggering the requirement to file a gift tax return. However, if you make a gift larger than that to any one person, you will need to file a gift tax return. This doesn’t necessarily mean that you will need to pay gift tax, but you will at least need to file the return.