Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is the annual gift tax exclusion?

annual exclusion
0
Posted

What is the annual gift tax exclusion?

0 CommentsAdd a Comment

10 Answers

1 2
0

The annual gift tax exclusion is an amount that can be given away annually without resulting in gift tax on the transfer. In the year 2005, the annual gift tax exclusion amount is $11,000 per recipient. There is no limit on the number of recipients to which qualifying gifts can be made.

0 CommentsAdd a Comment
0

A separate annual exclusion applies to each person to whom you make a gift. The gift tax annual exclusion is: • $10,000 for gifts made prior to December 31, 2001; • $11,000 for gifts made between 2002 through 2005; and • $12,000 for gifts made after December 31, 2005.

0 CommentsAdd a Comment
0

A. The annual exclusion is $12,000 for 2008 per donee, with an annual maximum of $24,000 per donee applicable to spouses who utilize gift splitting. Additionally, there is an unlimited exclusion for payments of tuition and medical expenses.

0 CommentsAdd a Comment
0

A. The annual exclusion is $11,000 for 2004 and 2005; for 2006, the exclusion increases to $12,000 per donee, with an annual maximum of $24,000 per donee applicable to spouses who utilize gift splitting. Additionally, there is an unlimited exclusion for payments of tuition and medical expenses.

0 CommentsAdd a Comment
0

The Annual Gift Tax Exclusion is the amount that can be given away annually without incurring a gift tax. As of 2009, the exclusion amount is $13,000 per recipient. There is no limit on the number of recipients, and a married couple can make individual gifts to the same recipient.

0 CommentsAdd a Comment
1 2

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.

Experts123