Generally speaking, a gift is anything of value (property or otherwise) that is given by a person who receives nothing in return. Any gift has the potential to be taxed, though there are a few exclusions including medical or educational expenses, gifts to your spouse, gifts to a political organization or gifts that do not exceed annual exclusion limitations. Gifts to charitable donations are tax deductible.
If your annual gifts do not exceed the annual exclusion, you may not need to employ the help of a professional. However, if your gifts exceed the exclusion, consulting with your attorney will help you to find the best manner of distributing your gifts to reduce your tax liability. Missouri's annual gift tax exclusion is $13,000.
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The attorneys at HSSO are well versed in tax law. Meet with us today to create a gift plan that suits your needs.
Holder Susan Slusher Oxenhandler LLC, Attorneys, 107 North 7th Street, Columbia, MO 65201
