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Financial Planning / Tax Strategies
|Subject: Re: gift tax||Date: 6/9/2013 8:39 PM|
|Author: Wradical||Number: 118666 of 121572|
But probably the simplest way for someone who doesn't have a large net worth is to use the "unified credit" - which lets you give away in life up to $1.7M, although it counts against what you can give away when you die - see form 709 as has already been suggested.
Where is the $1.7M coming from? The unified credit of $2,045,000 is the equivalent of a combined lifetime gift-estate exemption $5,250,000.
Other than that, I agree. Gifts over $14,000/yr to a done will require the filing of a gift tax return, but that's not such a big deal. You just use up some of the exempt amount.
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