Gift Tax - Does this apply to me?

Here we all are poised to enjoy another Christmas holiday season with all the excitement of giving the perfect gift to our loved ones. In all the excitement, we might forget some important tax implications. Each of us can give $15,000 in gifts each year to as many individuals as we want. Remember, you count the whole calendar year, not just Christmas. If you gift cash to a loved one throughout the year, be careful your Christmas gift does not throw you over $15,000. If it does, you owe the IRS a gift tax return on Form 709. With a transfer tax exemption of $11,180,100 available to each of us, it is unlikely you will owe gift tax but the gift tax return is still required. Remember that

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