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What was the 1993 gift tax exclusion?
9,000
Under which circumstances must you pay a gift tax?
Generally, you pay gift tax when your gift exceeds the annual exclusion for the person to whom you are giving it, which is $15,000 in 2012. However, there are other exceptions, and a lifetime exclusion of $5,000,000 that might be useful.
When must a gift tax be paid?
If you give someone more than $15,000 per annum (as of 2012), but you can deduct that tax obligation from your lifetime gift tax exclusion.
How do you avoid gift tax?
You avoid gift tax if you make gifts that are either exempt or less than the annual exclusion (which is $15,000 per person in 2012).
Can you give your child your house without incurring federal gift tax?
Yes, but not in portions that exceed your annual exclusion.
What was the 1993 gift tax exclusion?
9,000
Under which circumstances must you pay a gift tax?
Generally, you pay gift tax when your gift exceeds the annual exclusion for the person to whom you are giving it, which is $15,000 in 2012. However, there are other exceptions, and a lifetime exclusion of $5,000,000 that might be useful.
When must a gift tax be paid?
If you give someone more than $15,000 per annum (as of 2012), but you can deduct that tax obligation from your lifetime gift tax exclusion.
How do you avoid gift tax?
You avoid gift tax if you make gifts that are either exempt or less than the annual exclusion (which is $15,000 per person in 2012).
Do you have to pay gift tax for handicapped van gift?
Yes, if the value exceeds the annual exclusion amount of $15,000 and the recipient is not your spouse or a charity.
Would you have to pay a gift tax or income tax on a gift in the amount of 105000?
Not if you're the one receiving it. Gifts are not income. Gifts are not taxable. The person who GIVES you the gift must not exceed their annual exclusion ($15,000 in 2012) if they don't want to incur gift tax liability.
Can you give your child your house without incurring federal gift tax?
Yes, but not in portions that exceed your annual exclusion.
What tax form do you use to document gifts received?
Form 709 is U.S. Gift (and Generation-Skipping Transfer) Tax Return. It isn't filed by the recipient of gifts because recipients don't generally pay gift tax. If a gift is subject to tax, it generally is taxable to the donor. The annual gift tax exclusion level is $12,000 per recipient for 2008 ($13,000 per recipient for 2009). File Form 709 if you give any gift that exceeds the exclusion level. For more information, go to www.irs.gov./formspubs for Publication 950: Introduction to Estate and Gift Taxes.
Who has to file a gift tax return?
A person making a gift that is more than their annual exclusion must file the Form 709 and pay the necessary taxes on the non-exempt gift.
Does the annual gift tax exclusion include daughter-in-laws?
The exclusion includes ANYONE other than your spouse, meaning you can give anyone up to $15,000 each year (in 2012) without having to pay any gift taxes.
What was the 1995 gift tax exclusion?
US Citizen spouse: unlimited. Non-citizen spouse: $100,000 Others: $10,000
Does the recipent have to pay gift tax when given a house?
No, the recipient NEVER pays gift tax. Gifts are not income and not taxable. However, the person GIVING you the gift may have to pay gift tax on the value of the house that exceeds the annual exclusion of $15,000. They may be better off gifting you a partial ownership over several years, where each part is worth less than $15,000. If the gift is from your spouse, there is no gift tax.
