It’s the proverbial time of the year when there are a lot of gifts exchanged. Some are store bought, some gift cards & there are those who just get plain ol’ cash.
What constitutes a “gift” in the eyes of the IRS?
• You make a gift if you give property, including money, or the use of or income from property, without expecting anything of equal value in return. • You also make a gift if you sell something at less than its full value • There’s a gift made if you give an interest-free loan or reduced interest loan Read More
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