Q:  Can my wife and I give $26,000 to each of our four sons?
A:  Yes, you can each give $13,000 or $26,000 as a couple to as many people as you wish.

Q:  How can I avoid paying taxes on my Social Security income?
A:  If your combined income – married filing jointly – is less than $32,000, your SS income should not be taxed.

Q:  I sold a mutual fund and now have a $6500 loss. Can I use this entire loss in figuring my Federal Income tax for the year?
A:  If you do not have sufficient gains to offset the full loss, you can use $3000 this year then carry forward the remaining $3500 a year until it is used up.