By: Judy Layne
If you made a gift to one individual in excess of $14,000 during 2016 (or $28,000 if you are married and you and your spouse agreed to “gift split”), then you will likely be required to file a gift tax return. This does not mean that you will have to pay gift tax, but you are required to report the gift. Gift tax returns are due when you file your income tax return.
For more information, contact Judy Layne in the Troy, Michigan office at 248-433-7563.