Did you know that the IRS allows any relative to give the gift of tuition without subjecting the benefactor to transfer taxes. While the IRS limits other tax-free gifts to $14,000 annually, tuition gifts are limitless when prepaid directly to the school-and they do not count toward the annual gifting total. Even better, tuition gifting can be done without the help of an attorney or complicated tax-work. There are no tax-reporting requirements for this type of gift.
No comments:
Post a Comment