Hi guys, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow.com
This year you can give up to $14,000 to as many persons as you want without any gift tax liability. If you’re married and your spouse joins in the gift, you can, as a couple, elect to give $28,000 to each person with no gift tax liability. Once December 31st, has come and gone, your 2015 gift tax exclusion is also gone. If you plan to make gifts this year, remember that your gifts must be completed by then.
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Until then, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow.com