Do You Really Owe Taxes When You Give Someone a Gift?- Season 5: Episode 6
Have you heard of the “Gift Tax?” Many people are at least familiar with the term, but relatively few know how, when, or where it might be applied. You probably give gifts all the time: some small, some not so small, and some maybe quite large, as for example a downpayment on a home for your son or daughter. Generosity certainly has its benefits, but is there also a tax that someone should be paying?
The answer is both yes and no. And it all depends on a few factors. Knowing how the gift tax works can be especially helpful when it comes time to pass your assets down to your heirs, and if you’re worth a lot of money, it’s even more vital that you understand how it works. Find out who should worry about a gift tax and who should not on this week’s episode of Managing Your Financial Future, with podcast host Johnny Dean and Rick “the Professor” Plum, CFP®!
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