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How to make it, spend it, and invest it

18 Jun 2020

Mastering Money 6/18/20

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Post by MoneyRadio Staff

So, how much money are you allowed to give to your kids or grandkids every year and still avoid income taxes? Thirteen thousand dollars?  Fourteen thousand?  Fifteen thousand? Most people are under the erroneous assumption that there is a LIMIT on the amount of money you can give as a gift to a family member of fifteen thousand dollars annually, or less.   In reality, most gifts legitimately fall UNDER the safety limit of U.S. federal GIFT tax rules even if you were to give someone a million dollars. Today, we’ll review exactly how the gifting rules work, and just how to avoid all taxes on gifts. Then CPA Nick Stefaniak joins us with important new tax rules for 2020. Get up to speed on your taxes…you don’t want to miss today’s show  MASTERING MONEY is on the air!!!