“Thought for the Day” #629 – by Stephen R. Elville, J.D., LL.M.

December 22, 2015

As you contemplate end of year gifts this holiday season, remember that some gifts require a gift tax return (IRS Form 709) even if the gift is $14,000 or less (under certain circumstances).  No gift tax return is required for payments that qualify for the educational exclusion or medical exclusion, or for transfers to a political organization.