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Do Gifts in Excess of $12,000 Require a Gift Tax Payment?

April 26, 2017excess gifts payment require

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Do Gifts in Excess of $12,000 Require a Gift Tax Payment?

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Gifts in excess of $12,000 are subject to Federal gift tax, but the amount of the gift will be offset by the $1,000,000 Federal gift tax exclusion. Therefore, no gift tax is actually due unless the donor’s total lifetime gifts exceed $1,000,000.