2006-06-23 05:43:14 · 5 answers · asked by victorhugo 1 in Business & Finance ➔ Taxes ➔ United States
For year 2006, the annual limit has been indexed to $12,000. You can give this much to each recipient without having to file a gift tax return. For higher gifts, you have a lifetime exclusion of 1 million dollars for gifts to everyone. You do have to file a return to report these gifts.
2006-06-23 09:17:48 · answer #1 · answered by NotEasilyFooled 5 · 0⤊ 0⤋
The exclusion indexed for inflation is $11,00 per donee, and there is no limit (sorry thrasher). There is also a lifetime exclusion that is unified between the estate and gift taxes of $1.5 million
2006-06-23 13:04:32 · answer #2 · answered by Tax Man 2 · 0⤊ 0⤋
You can give each person $10,000 tax free, but there is an annual maximum. I haven't looked it up in a few years, but I think it was around $500,000.
2006-06-23 12:52:06 · answer #3 · answered by Thrasher 5 · 0⤊ 0⤋
I'm pretty sure it's 10,000. Check out www.irs.gov to be sure.
2006-06-23 12:46:52 · answer #4 · answered by lynn 5 · 0⤊ 0⤋
in the U.S. I think it is $11,000
2006-06-23 12:46:29 · answer #5 · answered by golferwhoworks 7 · 0⤊ 0⤋