2006-08-21 09:03:18 · 3 answers · asked by PETER H 1 in Business & Finance ➔ Taxes ➔ United States
If you are making the gift this year (2006) your annual exclusion is $12,000 per person (family member or not). Keep in mind that the federal gift tax is a tax on the giver, not the receiver. If you are the person making the gift and you exceed the $12,000 (in 2006) you will need to file a gift return (IRS form 709). Side note- there are lifetime exclusions which may still allow you to not pay taxes in this year - please discuss with a tax advisor if you would like to make a larger gift.
If you are the person receiving the gift you are not required to file anything.
2006-08-22 16:05:46 · answer #1 · answered by FlCpa 3 · 0⤊ 0⤋
the annual exclusion on gift tax is 11,000 per person. If a husband and wife both wish to separately give the same person 11,000. none of it would be taxable.
2006-08-21 22:18:13 · answer #2 · answered by goofybored 2 · 0⤊ 0⤋
federal limit is $10K
2006-08-21 17:49:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋