Annual Gift Tax Exclusion Amount for 2011, 2012
69What is the Annual Gift Tax Exclusion Amount?
Each year you are able to give away money or property in the form of a gift. These gifts will be nontaxable as long as they are below the gift tax limit amount allowed by the IRS.
Gift Tax Limit 2011 Amounts
-
If you file as single, you may give up to $13,000.00 to each individual you choose to gift. This annual gift tax exclusion amount applies to each gift, not to a grand total of all gifts.
-
If you file married, then you may gift up to $26,000.00 to each individual you choose to gift. This annual tax exclusion amount applies to each gift, not to a grand total of all gifts.
There Are a Few Guidelines to Ensure Your Gift is Nontaxable:
-
The gift amount cannot exceed the annual gift tax exclusion amount during one calendar year.
-
If you have paid for someone else’s education expenses, then no matter how large the amount, this will remain nontaxable.
-
Your gift will remain nontaxable if you gave it to your spouse or a political organization.
-
You may need to file a gift tax return under certain circumstances. To file a gift tax return you will need to use tax form 709.
-
If you have given gifts that are larger than the gift tax limit amount, then you will be responsible for the tax on the remaining gift amount. If you are married, then you will need to share the amount of that tax that is due on the gift amount.
-
If you are the recipient of a gift, then you will not need to report this on your return as long as it is considered a true gift and not any type of payment. If the gift produces income such as stock or a business, then you will need to pay tax on the income earned.
Learn more about the annual gift tax exclusion amount here: Understanding The Federal Gift Tax Exclusion Laws by TurboTax online.
Gift Tax Exclusion Annual Amount Video
vote upvote downsharePrintflag
- Useful (42)
- Funny (4)
- Awesome (7)
- Beautiful (7)
- Interesting (1)
Leave a Comment - Join the Conversation!Loading...
It has been to 10 years ago when my mom prayed to build a feeding center and an Orphanage for street abandon children and home for unwed pregnant women,
I AM SORRY TO INFORM YOU THAT WE DONT HAVE SUCH AMOUNT I AM JOBLESS AND MY MOM AS HOSPITALIZED FOR LONG BECAUSE OF A BLOOD CLOT IN THE FOREHEAD WHICH CAUSE PARALYSIS IN HER BODY SO WE ARE REALLY VERY BROKE, I DONT KNOW WHERE TO ASK HELP FOR THIS, WHAT CAN YOU DO FOR ME THIS TIME, I DONT REALLY KNOW, WE EVEN HAVE DIFFICULTY MEETING OUR HOUSEOLD NEEDS JUST THREE MEALS A DAY VERY HARD FOR US ESP, ME BEING THE ELDEST,
PLEASE MY EMAIL: christianbrodith@yahoo.com
Why the hell can't people keep their comments to the SUBJECT matter? Do people type comments just to see their posts? Get responsible people! I came here to read about Tax-free Gifts!
I think it's stupid, that as a retired widower, I am restricted to giving my kids $13k but if I get married again (NO F'ing WAY!) I can give them $26k.......how stupid......
Grandfather died earlier this year, so for 2011 grandmother and grandfather will file joint tax return. Can grandfather make a posthumous gift of $13,000 to son along with grandmother's $13,000 gift for a total of $26,000 from grandparent - son this year?
For a better America, a truer political representation for the people of America, and a less indebted America, all gifts to political organisations should now be taxed.
hello,My name is Clifford, and i just came across your profile today so i decided to express my feelings that you might be of good person to me,and i am so sure and believe that in todays world age or distance is never a problem in love, so please you can reply to me so that we can get to know each other better and tell you some other things you need to know about me.(cliffordkampton@live.com) Yours Truly Friend.Clifford Kampton
We offer loans at low interest rate of 3% per year, we offer Personal loans, Debt Consolidation Loan, Venture Capital, Business Loan, Education Loan, Home Loan or "Loan for any reason!". Do you have unpaid bills? Are you in debt? Do you need to set up a business? Worry no more as we are here to offer you a low interest loan. Our loan ranges from $5,000.00 USD to $5,000,000.00 USD. If you are interested, contact us via email:bellamyjones.jones@gmail.com Thanks.Bellamy Jones
I have family that live in Canada. Can I gift $13,000 to each of them even though they are Canadian? If so, how?
My Name Is Mrs.Lisette Robinson Garrett From Canada, An X-Scam Victim and how i get back on my feet and be a personal business owner with cars and landed properties…. This is to announce to the general public about a legitimate lender online.
HERE IS MY SUCCESS STORY:
I was in a critical search of a genuine loan lending company were i can obtain a loan of $180,000.00USD some lender’s that Came to me sheep clothing i never know they where fraud until i was given the terms of their loan and i agreed eventually i was scammed they scammed me of my hard earn money up to four lender’s that scammed me the sum of $27,000.00USD and i though that all is over that there can never be any other genuine lender until my Husband’s Friend Mr. Garrett Lugard the general manager of Cotsat and cotsat company told me that there is a genuine lender that he obtained a loan of 1.5 Million Dollars At 3% interest rate From that makes him own a private business and a house of his own he Referred me to a company Mr Junior Potter Loan Company ,E-mail:j_potterloancompany.link07@yahoo.com Where he obtained the loan of ($1.5 million Dollars) i told them how referred me to them i applied for a loan of $180,000.00USD after my application and i sent to them the useful information for them to process my loan after 4hours i received a notification From their company that my loan has been approved and processed in the next 4hours my loan of $180,000.00 Dollars was transferred into my account. And i promise them for coming to my rescue i am going to spreed the good news to the entire world ABOUT JUNIOR LOAN COMPANY IS THE BEST IN THE WORLD.
And tell them i Mrs.Lisette Robinson Garrett referred you to them and your wish will be fulfilled…
Hello Every One,
My Name is Mrs Wiabat Loara, i live in USA and life is worth living comfortably for me and my family now and i really have never seen goodness shown to me this much in my life as i am a struggling mum with three kids and i have been going through a serious problem as my husband encountered a terrible accident last two weeks, and the doctors states that he needs to undergo a delicate surgery for him to be able to walk again and i could not afford the bill for his surgery then i went to the bank for a loan and they turn me down stating that i have no credit card, from there i run to my father and he was not able to help, then when i was browsing through yahoo answers and i came across a loan lender Mr Steve Terry who provides loans at an affordable interest rate and i have been hearing about so many scams on the internet but at this my desperate situation, i had no choice than to give it an attempt and surprisingly it was all like a dream, i received a loan of $35,000 USD and i payed for my husband surgery and thank GOD today he is okay and can walk and is working and the burden is longer so much on me any more and we can feed well and my family is happy today and i said to my self that i will shout aloud to the world of the wonders of GOD to me through this GOD fearing lender Mr Steve Terry and i will advise anyone in genuine and serious need of loan to contact this GOD fearing man via stephenloancompany007@yahoo.com and i want you all to pray for this man for me
THANKS
Mrs Wiabat Loara,
I want to give my grandchild an insurance policy that he is the insured on and I am the owner. It has 20,000 in cash value and I am single. Can I do this?
We are married. So if we use the lifetime gift limit, it will be 2 million. Is that right? If the congress lower the limit to 1 million later, do we have to retrospectively pay gift tax for the 1 million that is over the limit due to the congress changed the limit?
Beansprout, No she can gift $26,000 ($13,000 to each you and your wife) without any issues. The only issue she would then be concerned with is her lifetime exclusion. As of right now the lifetime exclusion. For 2011 the lifetime exclusion is 5 million dollars, so anything that she gives you over the $26,000 will reduce her lifetime exclusion. The only thing she would really have to worry about is IF congress were to lower the lifetime exclusion. IF Congress were to lower the lifetime exclusion to less than the amount of gifts she has given over the course of her life, only then would she need to be concerned (Short answer, the $30,000 will mean ZERO to her right now, the only thing is she will need to file a gift tax return)
how mush forigen gift received will be exampt for f.y. 2010-11
My father passed away and left my mother his life insurance policy. My mother wants to gift my husband and I 30,000 to help purchase a house. Bc life insurance policies are tax free, can she give us the 30k tax free or does she have to give 13,000 individually still?
My father in law wants to buy us a house for $42,000 and give it to us. Will He or us have to pay a gift tax or any other type of tax on this gift?
I have an adult daughter who is a recent college graduate with $14,300 remaining in student loan debt. My father (my daughter's grandpa) wants to significantly help to pay off these loans, but he would like to do this in some sort of a gift that would enable him to use this gift as a part of his tax-deductible giving. I spoke with several student loan officers and college financial aid officials, and this doesn't seem likely. My daughter is wanting to work in full-time overseas Christian missionary work, but is not free to do this until her loans are paid. Is there any way a gift could be given to a supporting church (who has helped my daughter on several of her previous missions) to pay her debts, so she can begin her full-time missionary work?
My husband was recently diagnosed with stage IV metastatic melanoma, and I have taken an specified leave of absence from work. My mother, who lives with us, wants to pay off my mortage for me (250K). Because of the gift tax issue and because I am not the sole beneficiary of her trust, I think the only way this could work would be for her to refinance my house, with an interest only note, all due in x years or upon her death, which over occurs soner. That way, it would just be an advance against why I expect to inheirit, and the amount due could be credited against my expectancy. My mother is 90 years old and well off, so this won't hurt her. Any other suggestions?
I sold a property for my client for $1.9 million. We are closing March of 2011. My commission has already been paid in advanced by way of option payment to the seller. My client would like to gift me $52,000. $26,000 from my client and $26,000 from his wife. Can this be done and can he write off $52,000 on his tax return if filed jointly?
Pertaining to taxes, does the gift giver benefit in anyway shape or form?
Not ANywhere have I seen a Caveat about the yearly
Gifting to anyone induvidualy , currently at $13.000 limit --
as to ANY OTHER GIFTING during that particular year
E.G. a $400 dollar TV set (Christmas Gifts and or other presents that would have to be considered as part of '
this scenario
Yep the gift then would be 13,400 and 709 would have to be filed for that particular year...
Just a little touch from Uncle Sam
If you receive donations from numerous people as a fundraiser for a sick child is that money taxable or not? I am assuming it is not but the grandmother is really concerned and wanted reassurance.
LINDA - It doesn't matter whether you gift monthly or annually, the $13K limit per spouse/per beneficiary is per annum. ALSO, pay your children's tuition/student loans directly, not to your child, this way you avoid the 'gifting' issue. Parental education support does not count as gifting even for a 40 year old child working on a Masters when done correctly.
CONFUSED - the tax code wasn't rigged in favor of Steinbrenner, Steinbrenner's heirs were lucky he passed in the year of the sunset provision where ET resets.
MARYANN - NONE, a loan is not a gift. There are no tax implications unless you forgive the loan or write it off as uncollectable and report it.
JOHN B - Gifts are valued at current value for tax purposes so you're exceeding the limits. Unfortunately, you are also gifting your basis, so your son will pay capital gains tax when he sells. No tax is due, simply file a 709 gift tax return to record. You're current exclusion is $3.5 Million, minus $9,000 = $3,491,000 Estate exclusion remaining for when you die. NO TAX DUE.
JENNIFER - The cabin was gifted 'at a FMV' of $240K. Any CGs you will owe will be based on the net sell price less your parent's original basis.
$100,000 Original purchase
50,000 Repairs & upgrades
$200,000 Net Sell ($225K minus selling costs & commish)
$50,000 Reportable CG* divided among the children
**You sell it January 2011, did you receive it before Jan 2010, if so long term gains, if not short term.
JUDYJNT, a check is a bearer instrument and represents a 'present interest' gift. There are several PLRs supporting that the gift is concluded when the check is given regardless of when it is cashed. Where the rules get tricky are when you're dealing with furture interest gifts or illiquid/non-negotiable gifts, for instance gifting a share in an insurance policy (future interest) where your letter of instruction must be acted upon in the form of reregistration of the asset to be considered a completed gift.
Hope this helps
If I give someone $13,000 for Xmas - do they have to CASH the check before the end of the year to qualify??
I need to know if I can give my children money each month or does it have to be one lump sum of 13K?
Dear Confused -- Congress has rigged the tax code to make you think there are two kinds of people in this country -- the haves and the have-nots. DON'T FALL FOR IT!!! Envy is never pretty, but especially ugly when our Representatives, whose salary we pay, pit us against one another for personal power and gain. I am not as successful (rich) as those you criticize, but I want to be, as rich as I possibly can, for many reasons but mainly as a protection against the tomfoolery of the government and the careless unthinking masses. I can do a much better job of taking care of my self, my family, friends and community than ANY government, especially the Federal government, and the more money I have (the richer I am) the more direct good I can do. Back to Constitutional Government!!!
There is no estate tax if you die this year, but you can't make a gift of over $13,000 to one of your kids!!! Steinbrenner's estate was estimated to be over $1 billion when he passed earlier this year. Don't you just love how Congress has rigged the tax code to favor the rich?
May my spouse and I give our son stock currently valued at $35,000 0n whick our cost is less than $26,000 without having to file a gift tax report??
Any differences (gift limits, etc.) for 2011 tax year?
My parents have a vacation property that 5 years ago received an appraisal for $240K. At this time, they "gifted" 6 children $10K each for 2 years (for a total of $240K). Recently, the 6 of us put this "gifted" vacation home on the market and received an offer for $208K. Each of us will net about $32K after the sale. Are we required to pay capital gains on this or because it was gifted are we exempt?
My neice lost her job and owed 40k yet on her mtg. If I lend her the money and she pays me back a certain amt. whenever she can, what is the tax implication?
Before my Dad passed away, he made my a joint member of his banking accounts. By rule, I believe being a joint member makes it legally my money as well as his. Now that he has passed (without a will) the money in his accounts is going to be split up between me and my two siblings. My questions is, if this money has been in my name due to the joint status of the accounts, will I be hit with a gift tax when it gets split up between me and my siblings.
For easy math, let's say there is 90,000 in the account. 30,000 for each child. Due to the joint status does that mean I pay tax on 34,000 (17,000 for both of my siblings (30-17))?
Kevin's summary comment (7 post above) appears precise and to the point. Here it is November of 2010 and my Dad has told us he want to divide all his assets among us 3 children. He has about $300K in cash and assets and real estate worth another $300K. If he were to divide these assets among us this year and give each of us $200K, he would not exceed the lifetime limit, therefore, I believe no taxes would be owed. The dilemma is that his house is worth about $250K and it is unlikely we would be able to sell it before the end of this year. In 2011, everything chnages with these rules.... any thoughts on the best approach to the real estate?
You should have your parents sell you the house for $452K and gift the $52K to you and your wife as a separate transaction either before or after the sale. This will preserve your original cost basis of the house at $452K for gain/loss purposes in the event you ever sell the house.
My parents want to sell me their house. Lets say the house is worth $452K. Can they gift my wife and I the $52k and reduce the price of the house to $400K?
I appreciate all helps and supports from people here ...
My question is : if you are a permanent resident of USA and entering to US again with a 26,000 cash in hand (gift from dad in my country) for my self and my wife (she was not travelling with me) ,
1- Now Do I need to do something to prove that this is a gift for me & her from my Dad in my country !?
2- I know I have to report it in the airport but Is that money Tax free for me here in US ?
I am looking to avoid capital gains taxes on some stock. My brother has no taxable income this year and will be in 0% capital gains bracket. Can I gift him $13,000 in stock, he sells it, and gifts me back $13,000 in cash this year or next? What is the best way to go about this?
If only the limit of $26,000 (married couple) is given to a son, is a gift tax return required, even if it will net to zero after the exclusion of $26,000?
A US citizen and his US citizen wife wish to make a gift to a granddaughter (US citizen) and her non-citizen husband. They will file Form 709 indicating gift-splitting. Does the fact that the granddaughter's husband is not a US citizen affect the $13,000 annual gift tax exclusion ($26,000 total gift) for the gift to the non-citizen?
Well the same questions seem to get asked over and over, so before you post a question, take a second and read the comments. To sum it up: As of 2010, you can currently give up to $13,000 to as many people as you like and you will not have to pay any taxes. This can be done each year, so you can give $13,000 to someone in 2010 then give them another $13,000 in 2011, although the amount may change in 2011 to a number other than $13,000 - check before you make your gift. If you are married, your spouse may also give up to $13,000 to whomever they want. If you give money to someone who is married, you can also give their spouse up to $13,000, though you would probably have to do it separately. Yes, your spouse can also give each of them $13,000, so in that situation you're looking at a maximum $52,000 gift from parents to child and spouse in each calendar year. However, you also have a $1,000,000 lifetime exclusion, which for most people is more than enough. This basically means you can give away $1,000,000 before you start paying the gift tax. So if you want to give someone more than $13,000 in one year, you can do that tax-free as long as you have not previously given away enough to put you over the $1,000,000 mark, and anythign over the $13,000 will be held against your $1,000,000 lifetime exclusion. Once you cross that $1,000,000 mark (and if you can afford that, you should really be talking to an attorney instead of going to web pages on your own), you can continue to give the yearly $13,000 and it is still tax-free. If you are the person *receiving* the gift, none of this matters because you don't pay taxes on cash gifts. Additionally, you don't pay taxes on gifts you give to people if it is to pay for medical or education bills, but you must actually pay the money to the hospital or college directly, you can't give it to someone and tell them to use it for those purposes. As of 2010, I believe the gift tax rate is 35%. So if you have already used up your $1,000,000 lifetime exclusion and you gift someone $20,000, you would have to pay 35% tax on the $7,000 that is over the $13,000 annual exclusion. Keep in mind all of these rates and amounts can change from year to year. I believe the 35% rate is scheduled to shoot back up to 55% next year, so if this is going to apply to you, it would really be a good idea to contact an attorney about this before the year ends. Speaking of which, with the kind of numbers being thrown around on this webpage, you should definately seek professional council before making any large gifts.
My mother would like to give me and my brothers a gift of money before she goes in a retirement asst. living place. How much can she give each of us and will we have to pay it back if she goes into this place and all her $ will be tied up in an estate to pay for expences.Also dowe have to pay taxes on this or will she??
I'm told that there is an Internal Revenue Code provision which allows a US taxpayer to treat a gift of foreign real property to US citizens as a sale and to report it on the income tax return. Do you know od such a provision?
I have a friend who wants to gift me a large sum of money over a million dollars. I am a us citizen. They are not. They are a citizen of a foreign country with no ties to the US. I understand they MAY have a tax issue in their home land, my concern is do I or they have a tax implication here in the US. and would they have to file anything from a tax form stand point here in US. They do not have any Soc Sec number here or relation to citizenship by any nature to the US.
Who is the insured? You can change ownership by doing the paperwork. Are you still paying premiums? Premiums are typically what is subject to gift tax exclusions.
Can my wife and I gift a life insurance policy worth $26k in 2010 gift tax free to our son even if the insurance policy is only owned by me (not jointly)?
Question: since the Gift / Estate Tax is Unified, and I've heard there are no estate taxes this year, is it also true that large bequests can be made as gifts tax free (because the gift tax is REALLY just preemptive gift tax...)? What about Generation Skipping Transfer Tax? How can they posibly tax gifts under the Unified Gift and Estate Tax if there is no estate tax???
Is there a maximum or threshold on how many individuals I can gift $13,000 to each per year? If a cashier check is given to the recipient how can it be kept track?
Gifts to family members do not reduce taxable income.
Is this gift reducing my taxable income?
I am a U.S permnent residenat alien. Are there any restrictions on my giving gifts within the annual exclusion amunt to my (a) U.S citizen relatives and (b) non U.S. Citzen relatives not living in U.S.
Thanks
My question is whether a political contribution to a foreign office candidate qualifies as a gift under gift tax law.
The gift tax exclusion is $1 million before gift tax is imposed. Taxable gifts are any amount OVER $13,000 given to someone other than spouse or charity.
A taxpayer can give $13,000 per person to any number of persons. You cannot apply a future interest to the gift, such as a trust for a childs education. Each spouse can give $13,000, for a total of $26,000 to one recipient.
If one (1)spouse dies, can the deceased still make a $13k per year 'gift' to a child? [Or, does the right to gift die with that spouse, as gifts are limited to one's lifetime only]. The deceased spouse does have a Trust that calls for contiuing gifting programs under the annual exclusion, but I'm afriad Trusts cannot make 'gifts' [only devises/distributions].
My mom (a US non-resident living abroad) wants to give me some money; does the gift tax limits above fo 13K USD apply for me, my wife and my married son? what's happen if she wants to make me a gift of, let's say 100K USD?
Thanks in advance
a family member will gift me $10,000 a year for ten years to pay off my debts. will this be a non taxable event to me?
I received $23,000 from my single brother to help me with a downpayment for a house. He gave me a cashier check with my name on it and I deposited on my account. Can I consider that as a gift of $13000 for me and $10000 for my husband or does my brother need to write a separate check for each gift. My husband and I file jointly.
There is not a lifetime limit on gifts as long as they don't go over the $13,000 limit. For every dollar you go over, that is taxable and goes toward a lifetime limit.
as an attorney reading the comments I caution everyone about relying on these comments many of which are incorrect. the annual gift tax exclusion is per person receiving the gift per year - i.e. single person gives $13,000.00 to 4 people = 52,000.00. married couple give the same 4 people $104,000.00 before paying gift tax. Remember this is gift tax not estate or inheritance tax and there is a lifetime limit.
My daughters father-in-law has no will and his only son passed away in 2008. there is 3 grandkids to consider, if something should happen to the father-in law what will happen to the house she lives in(the house is in the father-in laws name) also he has stocks and bonds and other assets.
Ron: Yes, that is okay becase you are giving 13k to your brother and 13K to his wife. If you are married you and your spouse together can gift up to 26,000.00 in non taxable gifts to any individual in 2010.
Is this possible? If I give $13,000 to my brother and $13,000 to his wife and then my wife gives $13,000 to my sister in law and $13,000 to my brother can we give them $52,000
Teresae,
Gift tax is paid by the giver not the recipient - you will not owe a tax on a gift you receive as long as it qualifies as a gift for income tax purposes (gifts are defined differently for gift and income tax purposes, for income tax purposes a gift is considered proceeds from a "detached and disinterested generosity often given out of "affection, respect, admiration, charity or like impulses).
The gift tax exemption for schooling only applies if the giver is paying the money directly to an educational institution, not if the giver pays the recipient to pay loans.
The gift annual exclusion is limited to $13,000 per year for this year (it increases with inflation). Any gift in excess of $13,000 from your mother in one year would be taxable, but no tax will be owed until your mother has exceeded the Unified Credit Against Gift Tax. Currently the Unified Credit is $1,000,000 over a giver's lifetime. For example assuming the annual exclusion amount was $13,000 if your mother gave you $113,000 each year for 10 years in the 11th year, she would have to pay a tax for the amount in excess of the annual exclusion. She would be giving $100,000 in excess of the exclusion amount totaling $1,000,000 in year 10. However, for each year she gave you more than the annual exclusion amount she would have to file a gift tax return which lets the IRS track the lifetime gifts from an individual.
My mom wants to give me $20k, some is for me and some will go for my school loans. Do I have to pay any taxes on it? how does that work?
Claire-
You can't gift your other children the $104k conditioned upon them gifting to your son and his wife.
Kristi-
Your friend will incur gift tax, but it depends if they have used their lifetime exclusion. Maybe your friend should buy the house and let you live there for a reduced rent.
Gerald-
1) get an appraisal and; 2) make gifts of interests each year (not exceeding $13k). Or, make a current gift and use your lifetime exclusion.
I want to convey a one-half ownership interest in Ontario, Canada, real estate to each of my two children. We are all U.S. residents and citizens. The property is valued at CAN$400K. How can I do this without incurring a U.S. Gift Tax liability?
My friend wants to give me 1.5 million and buy a house for me. What would the gift tax be, since the gift will be over $13,000.00?
you cant give out more than 13k aggregate filing individually or 26k aggregate filing jointly, annually.
I wish to give my son and his wife $156,000 for a downpayment on a house they wish to buy. As I understand it I could give him and his wife %52,000, and could then give my other two children and spouses a further $104,000 with the understanding that they would then gift that to my son and his wife - and no gift tax would apply to any of it?
hmmm seems to me the limit was 13,000 if single 26,000 if married - not a cummulative amount. The gift receiver does not pay the tax, the gift giver does.
as i understand it corectly, we (hubby and i)may give each of our 4 children 26,000 dollars yearly,without them having to pay any kind of tax on our gift?
I receiver and after tax inhartance of $200,000. If I deposit the check in my joint checking account that I hold with my son does he have to treat part of this as a gift?
Gifts are not tax deductible. You would still have taxes on $75,000 of income. Also if any of the children are married, that would double the amount you can give....
Let just say I made 75k this year gave away 4 people 13k each=
52k. Would that make me in the 15% tax bracket since my money is 23k now.
Umm, isn't 3+3+6=12?
The gift exclusion will remain at $13,000 per person next year, so you can give $156,000 (12 gifts of $13,000 each). If you have a spouse, you can jointly give $312,000.
There is no cumulative limit (as long as your money holds out)
your spouse can also give the same amount.
so, it is possible to give 9 gifts of $26,000 each on behalf of both of you.
9 gifts of $13,000 each.
$117,000.
What is the annual gift tax exclusion for 2010? I have 3 children, 3 sons-in-law and six grandchildren and plan to make a gift to each one in January 2010.
Patricepratt 8 weeks ago
Tiffany