Q: My neighbor received a phone call from the Social Security Administration asking to verify his Social Security number and other sensitive financial information. Is this a scam?

A: Yes, this is a scam. Scammers are always looking for schemes to defraud the public. Never reveal your Social Security number, bank account and credit card number to strangers on the phone. If you receive a scam call, report it to the Consumer Protection Division, 877-566-7226.

Q: What is the $18,000 annual gift rule? I am considering giving $7,000 to my brother. Do I get a deduction for my gift?

A: In 2024, you can gift-give up to $18,000 annually to any person without triggering a gift tax. If you are married and your spouse is in agreement, you can double the annual gift to $36,000. You do not get a deduction and the recipient does not declare the gift as taxable income.

Richard Rysiewski, a certified financial planner, welcomes all questions on tax and financial matters. Send them to Richard Rysiewski, Financial Doctor, 3001 Hartford Lane, Shelby Twp., MI 48316.