Go to Jeff Salisbury LWGate Home Page.From: <Memills@aol.com>
Subject: Gift taxes -- 10k limit doesn't apply for estates less than $600k
Date: Wed, 29 Jul 1998 16:34:04 EDT
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In a message dated 7/29/98 9:39:48 AM Pacific Daylight Time, rbhumbla@ford.com writes: > As you must have learned by now, the $10,000 is an annual limit on amount you > can give to any single individual. > > The $600,000 is the lifetime limit on the total amount you can gift away > without tax to all individuals. This is in addition to the $10,000 per > person > per year. > If the amount of the gift and estate is less that $600k, the following from the Nolo Press website (http://www.nolo.com/ChunkEP/ep81-85.html) suggests that there will be no gift taxes, even if the amount given to an individual in one year is more than $10k (but less than the $600k total exemption): Gift and estate tax isn't actually paid until the exempt amount is used up, either by making taxable gifts during your life, leaving property at death or a combination of the two. This means that people with estates likely to be worth under $600,000 don't ever have to worry about paying gift tax, even though a federal gift tax return must be filed for any gift over $10,000 to a person per year. - -
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