If you are in a position to give, making annual gifts can be an excellent strategy for reducing both your estate and income tax liability. Your gift is not deductible for income tax purposes, however, giving income-producing property will remove more income from your 2015 tax return. You can make gifts of up to $14,000 per individual for 2015 before needing to file a gift tax return. Even if you make a gift over $14,000 to an individual, you still might be able to make the gift tax free, depending on your giving history.
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