@scottmonfort lifetime limit for now is $5 million not $1 million. was one million, got raised to five million. it is unclear how long that rule will last. is scheduled to last through 2012 but could be changed at any time if congress could get its shit together and actually make decisions... so likely rule will not change until possibly after the 11/2012 elections or until the new congress is sworn in.
Fyt, no. she can give up to 13 k while staying under the exclusion rate. More than 13 k she has to fill out a form 709 but very unlikely to have to pay unless she has amultimillion dollar estate.
Right nkolluru, the life time exemption is up to $1 million ... meaning the giver does not start paying gift taxes until they accrue over $1million in gifts in their lifetime! The key is, only the amount over $13K to each person is counted towards the lifetime total. Each year you exceed giving $13K to each person, you must file a gift tax form ... but that form only starts the tally towards the $1 million limit before the giver is taxed.
@scottmonfort lifetime limit for now is $5 million not $1 million. was one million, got raised to five million. it is unclear how long that rule will last. is scheduled to last through 2012 but could be changed at any time if congress could get its shit together and actually make decisions... so likely rule will not change until possibly after the 11/2012 elections or until the new congress is sworn in.
sabaqat 3 months ago
Fyt, no. she can give up to 13 k while staying under the exclusion rate. More than 13 k she has to fill out a form 709 but very unlikely to have to pay unless she has amultimillion dollar estate.
sabaqat 3 months ago
If my grandmother gave me and my wife 12k each would she have to pay taxes
fackyoutoobe2 5 months ago
Right nkolluru, the life time exemption is up to $1 million ... meaning the giver does not start paying gift taxes until they accrue over $1million in gifts in their lifetime! The key is, only the amount over $13K to each person is counted towards the lifetime total. Each year you exceed giving $13K to each person, you must file a gift tax form ... but that form only starts the tally towards the $1 million limit before the giver is taxed.
scottmonfort 11 months ago