Gift Tax

By: Martin M. Shenkman, CPA, MBA, JD

A tax that can be due when you give property or other assets away. You are allowed to give away a maximum of $10,000 per person (to any number of people) in any year without the tax applying. Above the $10,000 amount, you have a once-in-a-lifetime exclusion, which permits you to give away $600,000 of property without paying any gift tax. The gift tax and the estate tax are coordinated (unified) so that the $600,000 exclusion is only available once between them. The $600,000 is being increased in periodic increments to $1,000,000

Our Consumer Webcasts and Blogs

Subscribe to our email list to receive information on consumer webcasts and blogs, for practical legal information in simple English, delivered to your inbox. For more professional driven information, please visit Shenkman Law to subscribe.

Ad Space