am in a nursing home and wanting to go on medicaid
2007-03-12 06:52:16 · 3 answers · asked by kuntrielove 1 in Business & Finance ➔ Personal Finance
It is up to $12,000 now. Q: How many annual exclusions are available?
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002, 2003, 2004 or 2005 and $12,000 in 2006, the annual exclusion applies to each gift.
I believe there is a way to give more. There is a lifetime exclusion of around $1 million which I was told can be given all at once. Better check with a tax lawyer, the nursing home and medicaid will not let you give away your assets just to become eligible.
2007-03-12 07:25:21 · answer #1 · answered by gosh137 6 · 0⤊ 0⤋
In the USA.... You can give $10,000 to each of your children and so can any spouse, annually. This gift will NOT give your children any tax consequence BUT must be acknowledged on their tax papers..
: )
2007-03-12 14:13:19 · answer #2 · answered by Kitty 6 · 0⤊ 0⤋
You can gift $10,000 annually without tax penalty.
2007-03-12 13:59:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋