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Submitted By: Larry
Answered: January 29, 2016 12:01 pm
Answered: January 29, 2016 12:01 pm
If I give my sister a gift of $14,000, do I have to wait until after April 15, 2016, to make another tax-free gift?
No. You can give each person up to the annual exclusion amount ($14,000 in 2015 and 2016) without any gift tax, or even the need to file a return. A person can make one gift on December 31, 2015, and another on January 1, 2016. However, there is no carryover of an unused exclusion amount. Thus, not making gift in 2015 does not increase the gift limit for 2016.
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Deductions
Items directly reducing income. Personal deductions such as for mortgage interest, state and local taxes, and charitable contributions are allowed only if deductions are itemized on Schedule A, but deductions such as for alimony, capital losses, moving expenses to a new job location, business losses, student loan interest, and IRA and Keogh deductions are deducted from gross income even if itemized deductions are not claimed.
