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Year End Tax Free Gifts to Friends and Family


If you give cash gifts to friends, or to your children or grandchildren, please read on.....


You can give up to $15k annually to any person. Spouses can give up to $30k per person. You don't get a tax deduction for the gift but it's not taxable income to the recipient.


Amounts paid directly to your kid's or grandkid's school does not count towards the annual $15k limit, meaning you can pay unlimited tuition. Same goes for medical expenses paid for anyone, as long as payments are paid directly to the service provider.


Hope this helps. If you have questions, please let us know.

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