Gifting - $15,000 limit
The limit for gifting from any one person, to any one person in 2019 is $15,000; in either dollar form or in asset value.
If checks are given, remind the recipient to cash the checks before December 31. That will place your gift into this calendar year. This is important for those who may be wishing to maximize the gift again in 2020. Gift amounts under the $15,000 limit do not have to be reported to the Internal Revenue Service.
Gifts to charities may exceed the limit and receive a deduction on your tax return. Consult your tax preparer to determine the value of the charitable gift which may vary depending upon your adjusted gross income.
George N. Luciani, CFP®