Perplexed By The Gift Tax? Here Are Answers To 10 Common Questions | Old North State Wealth News
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Perplexed by the Gift Tax? Here Are Answers to 10 Common Questions



You’ve done well in life, and now you want to share some of your wealth with the people you know and love. Perhaps you want to help your children make a down payment on a home. Or contribute to your grandchild’s college savings plan. Or give a retirement gift to a loyal household employee.

But one concern that might be holding back your generosity is the question of whether you’ll have to pay the federal gift tax. It’s a topic that comes up in all kinds of discussions of giving. But here’s the good news: In general, the only people who have to worry about it are the so-called “one percenters.”

Still, even if you probably will never have to pay gift taxes, it’s worth getting the answer to common questions about this widely misunderstood IRS provision.

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