Skip to main content
No. of Recommendations: 0
Brian: You wrote, "When I read the above information, I interpret it to mean that on and after 2006, a donor can gift up to one million tax-free to the donee - unlike the current $10,000 (or $20,000 to a married couple) non-taxable gift."

I beleive that you may be confusing apples and oranges. The 10k/20k is the annual gift exclusion and is recurring. The 1,000,000 in 2006 (curently 650k, I believe, maybe 675k for '99) is the lifetime exclusion. For example, you could give me 650k today and not pay any gift tax; you would, however, have used up all your current lifetime exemption.

I am sure that the regulars will post more knowledgeable answers, but hope this helps in the meantime.

Regards, JAFO
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.