The amount that one person can transfer to another without any concern for gift tax issues is now $14,000 per year. Since this is a per-person limit, a husband and wife may give $28,000 per year to a single person. If the gift is made by husband and wife to a married (or unmarried) couple, such as a son and daughter-in-law, the maximum is $56,000 per year.
Gifts made in excess of this amount require the filing of a gift tax return, to report the transaction, but no gift tax is payable so long as the total lifetime amount transferred by the donor(s) does not exceed the lifetime limit - currently $5.25 million per person, $10.5 million per couple.
Subscribe to:
Post Comments (Atom)
"Ghost Hacking" - a new BOLO
A relatively new way cyberthieves steal wealth is by taking over the identities of people after they die, an act known as ghosting or ghost ...
-
The Lion Cub deed is an elusive creature. It is fleetingly mentioned on the web sites of some Michigan estate planning and real estate attor...
-
The 2019 SECURE Act made a major modification to post-mortem distributions of funds from IRAs and qualified retirement accounts to non-spous...
-
We recently posted our commentary on the use of a so-called “lion cub” deed, noting that two or more people who are granted ownership of re...
No comments:
Post a Comment