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Financial Planning / Tax Strategies


Subject:  Re: Gift Date:  7/2/2012  2:56 PM
Author:  skidragon Number:  116385 of 132201

The gift tax is covered in pub 950. If you give any gifts which do not meet one of the exceptions and exceed the annual exclusion, you will have to file form 709. Any tax would be subtracted from your unified lifetime credit (currently about $1.7 million). You wouldn't pay any tax unless you use up the unified credit, although it could affect the estate tax your heirs eventually pay. The gift recipient wouldn't pay any tax.

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