I just want to be sure that I have the correct information:
2011 Estate Exclusion is $5,000,000.
2011 Gift Tax Exclusion limit is $5,000,000 versus the $1,000,000 in prior years.
2011 Gift Tax Exclusion is $13,000 per person.
If a taxpayer gives an individual a gift with a FMV of over $13,000, a gift tax return must be filed. The excess amount over $13,000 can be applied to the $5,000,000 limit. So there would be no gift tax due.
Just being sure before I advise a client on a large gift that is being considered to his child.
2011 Estate Exclusion is $5,000,000.
2011 Gift Tax Exclusion limit is $5,000,000 versus the $1,000,000 in prior years.
2011 Gift Tax Exclusion is $13,000 per person.
If a taxpayer gives an individual a gift with a FMV of over $13,000, a gift tax return must be filed. The excess amount over $13,000 can be applied to the $5,000,000 limit. So there would be no gift tax due.
Just being sure before I advise a client on a large gift that is being considered to his child.
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