The holidays are here, and the air is filled with wonder and cheer. During this holiday season we are more inclined to give, but, before you change someone’s luck, review the following to make sure that such change does not leave you at a loss.
Understanding Gifts
• Generally, the person making the gift will be responsible for paying any gift tax
• The person receiving the gift is not liable for any tax, and the gift received is not considered income to the recipient.