2006-06-13 08:00:07 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Yes, but it must be filed and it's a one time thing. You can only do this one time, any other gift will be taxed. You will also have to provide a "gift letter".
2006-06-13 09:27:57 · answer #1 · answered by Anonymous · 2⤊ 1⤋
in most cases the answer would be they could only give a max of 12k per year so says the fed govt..but you can use whats called their uniform credit..which is like a lifetime max gift...in that case yes you could gift the million without taxes..unless you wait untill 2010 the uniform credit will go to 10 million..and in 2011 it will go back to 611,000.if you need any more help let me know..
2006-06-13 15:06:33 · answer #2 · answered by becca9892003 6 · 0⤊ 0⤋
Yes - but a gift tax return must be filed, and this uses up the donor's lifetime exemption from the gift tax.
2006-06-13 15:02:28 · answer #3 · answered by Cão Bravo 3 · 0⤊ 0⤋
only if you pay it in $10K annual installments or put it in a trust
2006-06-13 15:11:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No.
2006-06-13 15:04:21 · answer #5 · answered by gonnawinit 1 · 0⤊ 0⤋