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Lane
Lane , JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 9214
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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We need to know what is the maximum amount allowed per individual

Resolved Question:

We need to know what is the maximum amount allowed per individual gifting?
Submitted: 3 years ago.
Category: Finance
Expert:  Lane replied 3 years ago.
Good Morning


As of yesterday, the amount that one can gift to another individual or entity is $14,000, without having to file a gift tax return.


Remember ... a person can gift as much as they want ... and even if they gift more than $14,000 to someone ... they still don't owe any tax.



They just have to file that gift tax form ...


http://www.irs.gov/pub/irs-pdf/f709.pdf


...that lets the IRS track how much they gave, and it gets deducted from the estate tax exemption at death, which now stands a $1,000,000.






So, to re-cap:


(1) $14,000 to any one person without a gift tax return needing to be filed by the giver (The receiver doesn't pay gift taxes. The giver pays the taxes, when they finally become due)


(2) Over $14,000 the giver has to file the gift tax form ... but no taxes are due.



(3) The only way someone would have to pay gift taxes is if they gave over $1,000,000.






Hope this helps


Lane


Positive feedback (or an “accept”) is highly appreciated. That’s the only way we’re paid. BUT, if you need CLARIFICATION, COME BACK here. Also, feel free to bookmark this page to come back for reference.





Lane and other Finance Specialists are ready to help you
Expert:  Lane replied 3 years ago.


Thanks so much for the feedback!




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…pleasure working with you!

Lane