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What would gift tax be on 75000.00?
You would take off the annual exemption of 15,000 (in 2012) and calculate the tax on the remaining $60,000, which could be as much as 50 percent. However, the gift giver can apply part of their lifetime gift tax exemption and not pay any tax.
What is the difference between the lifetime gift tax exemption and the annual exclusion when it comes to gifting assets?
The lifetime gift tax exemption is the total amount of gifts an individual can give over their lifetime without having to pay gift tax. The annual exclusion is the amount of money or assets that can be gifted to an individual each year without triggering gift tax. The main difference is that the lifetime exemption applies to the total amount of gifts given over a person's lifetime, while the annual exclusion is a yearly limit on the amount that can be gifted tax-free to each individual.
How much is the lifetime gift exclusion for estate taxes?
5.1 million
What is the lifetime capital gain exemption on home sale?
The lifetime exemption was eliminated in 1997. There is currently a new exemption that allows you to exempt up to $250,000 in capital gains ($500,000 if married filing jointly) if certain conditions are met and can be used as often as every two years.
What is the tax ramification on a 122000 gift of equity?
Under US tax law, your lifetime federal gift tax exemption would be depleted by the amount of the gift in excess of the annual limit to one person. If the annual limit is, say, $12,000, and you give the equity to an individual, you would lose 110,000 from your $1.2 million-dollar gift tax exemption (or whatever it is when you die and your estate is distributed to non-charitable beneficiaries), not including gifts to a surviving spouse (which are estate tax-free). You could reduce the loss of exemption by giving the equity to more than one person, or spreading it over multiple years.
What is the current inheritance tax rate?
For 2011, the federal estate tax exemption will be $5 million and the estate tax rate for estates valued over this amount will be 35%. The estate tax has also become unified with federal gift and generation-skipping transfer taxes such that in 2011 the lifetime gift tax exemption and generation-skipping transfer tax exemption will be $5 million each and the tax rate for both of these taxes will also be 35%. There is NO federal level inheritance tax.
What is the tax rate on a gift tax?
The general rule is: 45%, but there is much more. The U.S. Federal tax rates for gifts are on the same tax rate schedule as the estate tax. If the gift is a "present interest" gift (they can use it or benefit from it today) then each person giving the gift has, in 2009, a $13,000 exclusion from tax. Above that each person has a $1,000,000 lifetime exemption from gift tax but is required to file a gift tax return to keep track of that lifetime exemption. Gifts above that are currently being taxed at 45%. So if you put $1,500,000 in a trust for your friends and relatives (not your spouse) and they have no rights to the trust for awhile and you have never gifted over the annual exclusion before, the first $1,000,000 is not taxed and the $500,000 is taxed at 45%. The person giving the gift pays the tax. As with all tax law there are other circumstances that can make the general rule different than stated above. For instance, you can force the recipient to pay the tax.
Is there a gift tax from father to daughters?
Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.
Can you gift money to your nephew under gift tax exemption?
Each state has different laws governing such transactions.
What actors and actresses appeared in The Gift of a Lifetime - 2013?
The cast of The Gift of a Lifetime - 2013 includes: Richard Macdowall as Chauffer
What is the gift tax loophole and how can it be utilized to minimize tax liabilities on large financial gifts?
The gift tax loophole allows individuals to give large financial gifts without incurring gift tax liabilities by utilizing the annual gift tax exclusion and lifetime gift tax exemption. By strategically planning and spreading out gifts over time, individuals can minimize tax liabilities on large financial gifts.
What are the gift tax implications of letting family live in a second home rent-free?
When you let family live in a second home rent-free, it is considered a gift for tax purposes. The value of the gift is the fair market rental value of the property. If this value exceeds the annual gift tax exclusion amount, you may need to report it to the IRS and it could potentially impact your lifetime gift tax exemption.
