What is the Medical Expense Gift Tax Exclusion?

A taxpayer can gift up to $14,000 to an individual each year without having to file a gift tax return. This is referred to as the “annual gift tax exclusion.”

If one wants to make additional gifts but has reached their limit on their annual gift tax, there are still other ways to gift money. One can give tax-free gifts directly to medical providers to cover medical expenses for someone else.

This week we’ll be posting about what expenses are covered and how to qualify for the exclusion for medical expenses.

Attorney Fred Jacobs is Florida Board Certified in Tax Law.  Call Bach & Jacobs at (941) 906-1231 to schedule an appointment with Fred if you have questions about how the gift and estate tax laws affect you and your family.