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    Annual Gift Exclusion

    Is it possible to make a monthly gift amount , rather than annual amount, as long as total for the year does not exceed the the $ 13,000 (current for 2010) ? And duly noted on the checks for each of the payments?

    Thanks

    Sandy

    #2
    Sure, a gift can be made in any amount and at any time during the year as long as it
    does not total more than $13,000.

    Comment


      #3
      Gifts

      I know a man who only gives his kids $12500 because he is afraid that birthday and Christmas gifts will push him over the limit.
      This posting is for general discussion purposes and is not meant to be reliable tax advice.

      Comment


        #4
        I have warned clients that christmas gifts, etc. are included in the $13,000. I heard of an
        IRS agent who routinely asks taxpayers if they make gifts to children, etc. and did they also
        give christmas gifts, etc. in addition to the $13,000 exclusion amount.

        Comment


          #5
          wow, i learned something from this post. i thought you could give a once a year 13,000 gift to each person, but never thought of christmas and birthday gifts would be included for a yearly total of 13,000. thanks guys

          Comment


            #6
            Originally posted by taxmom34 View Post
            wow, i learned something from this post. i thought you could give a once a year 13,000 gift to each person, but never thought of christmas and birthday gifts would be included for a yearly total of 13,000. thanks guys
            Yes, sometimes it never crosses the parent's mind that giving a car to their child might make a gift tax return necessary. But, it happens all the time.
            You have the right to remain silent. Anything you say will be misquoted, then used against you.

            Comment

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