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Gift Taxes

Effective estate and gift tax planning is essential  for providing security for a surviving spouse, transferring assets to beneficiaries, and minimizing tax owed upon the transfer of assets or a business.

With changing laws on estate and gift taxes, having up-to-date information for your long-term financial planning is a must. The professional team at Michael C. Allen & Co., CPA's PLLC in NYC & Long Island New York keeps current with changes to NY State and Federal laws and regulations and combines this knowledge with over 20 years of experience to ensure that your gift and estate planning is strategically managed.

In general, gifts of money or property are considered taxable if they are over the annual exclusion. Currently, this amount is $13,000 per year. However, these gifts may not be taxed if they do not exceed the lifetime gift tax exclusion.


Some types of gifts may not be taxable under any circumstance including:

  • Gifts to qualified charitable organizations
  • Tuition for a legitimate educational institution paid on behalf of someone else
  • Medical expenses
  • Contributions to political organizations

If you are planning to gift money or property to family members or other individuals, you may be required to file a gift tax return. As your advisors, we can determine if a gift is considered taxable and offer strategies for minimizing taxes owed. We can also help you develop a comprehensive plan to get your overall financial affairs in order to enable the seamless transfer of assets or a business.

Contact Michael C. Allen & Co., CPA's PLLC in NYC & Long Island NY today for more information about estate and gift tax planning.

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We take pride in the professionalism of our partners and staff. Our practice is regularly peer reviewed by the New York State Society of CPA’s. This assures our clients that we can meet our commitment to quality and service for our clients and that our professionals serve our clients in a way that is competent, objective and with due professional care.

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