Dr. Friday explains the rules for gift taxes in 2024, including the $18,000 annual exclusion and the $13 million lifetime limit, clarifying who is responsible for taxes.
Transcript – Formatted for readability:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Gifting friends and/or family—$18,000 in 2024 is the annual exclusion. Anything over that, you need to file a gift tax return. But remember, lifetime gifting is $13 million, so you have a little wiggle room to understand how much to give. You do not have to give it to a family member; you can give it to someone on the street—it doesn’t make a difference. The person giving the money is responsible for any taxes that could be due, while the person receiving the money will not pay taxes. Important to understand.
If you need help understanding how to file a gift tax return or any of that, call 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
The Breakfast Club
The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy And Charlamagne Tha God!
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.