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There has been a lot of talk about estate tax in the media. But what are the exact rules about gift tax? Is there a rule of thumb about ways to decrease gift taxes?
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Gifts to anyone less than $13,000 per year have no gift tax. Spouses do not pay gift tax for transfers between themselves.
Answered on Apr 21st, 2015 at 10:18 AM
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http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes
Answered on Apr 14th, 2015 at 2:50 PM
The estate and gift tax are unified. This means that the tax rates and exemptions for each match. The two major methods of gift tax planning are: 1. Present Interest Exclusion Gifts. These are gifts of less than $14,000 per year per person. Note that gifts between spouses who are U.S. citizens are totally exempt from gift tax. 2. Use of the 2015 $5,430,000 gift tax exemption. You are well advised to seek the advice and counsel of an attorney who specializes in estate and gift tax planning before proceeding.
Answered on Apr 14th, 2015 at 10:56 AM
Complicated question for an e-mail response. 1. There's a yearly gift tax exemption amount of $14,000 that can be given to each donee each year. 2. There's a lifetime gift tax exemption/credit that allows gifts that aren't exempt totaling $5,430,000 without having to pay any gift tax, but making a gift of this size will use up all or a portion of the estate tax credit. 3. Depending on the asset given, there may be certain marketability and minority discounts that may be available to reduce the value of the gift.
Answered on Apr 14th, 2015 at 9:38 AM
Oregon does not have a gift tax. The federal exemption is unified with $5.6 Million per person for both estates and gifts. For most people they do not need to worry about the gift tax.
Answered on Apr 14th, 2015 at 1:06 AM
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Gift tax isn't much of a problem for most people currently. The lifetime exemption is $5,000,000 and there is an annual exemption of $15,000 a person. If you're considering making a gift of over $15,000 to someone, you should consult an attorney. Otherwise, don't worry about it.
Answered on Apr 14th, 2015 at 1:06 AM