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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1376
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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This is a tax question. In what year did the IRS allow family

Customer Question

This is a tax question.
In what year did the IRS allow family members to give gifts(money or otherwise)to one another which were not subject to taxation.Also could a child give a gift to his father and his mother when combined would cross the threshold of amount allowed to one person.I am asking this because the father and mother filed a joint return. Does that fact mean only the amount allowed for one person could be given by the child. Also let me know what were the thresholds of the amount in the earlier
years of the law
XXXXX XXXXX XXXXXXXXXX
cell(NNN) NNN-NNNN
Submitted: 3 years ago.
Category: Tax
Expert:  Jax Tax replied 3 years ago.

Jax Tax : Welcome to JA. I am here to assit you in resolving your question.
Customer:

Okay

Customer:

I clicked the accept button. What do I do next. Please let me know

XXXXX XXXXX

Jax Tax : In 2010 the estate tax rules lapsed, which may be what you are asking inregards XXXXX XXXXX tax, but gift tax was intact. The yearly gift exclusion was $13,000 and the life time exclusion remained at 1 million. If you gave to your parents it would be $26,000. If the yearly gift exceeds the exclusion it must be reported and reduced from the lifetime exclusion of 1 million. It is not taxed until that 1 million is used up.
Jax Tax : Which year would you like to know the limit for?
Customer:

Thank you for that. However I wanted to know what was the amount allowed approximately from 1990 to 2000. I mean approximately in the period of 1990 to 2000.For instance if I said 1994 or 1995.I don't require you to be exact.

Customer:

Since I am not sure of which specific year can you say aproximately from1990 to 2000 it was around $6000 or $7000 or $8000

Jax Tax : I can give you every year
Customer:

That would be terrific. I would appreciate that.

Jax Tax : It was $10,000 for every year.
Jax Tax : It did not change until 2002 when it went up to $11000.
Customer:

Thank you very much. I am happy with your answer and prompt response.
XXXXX XXXXX

Jax Tax : It went up again in 2006 to $12,000 then in 09 to the $13,000 we have today.
Jax Tax : Have a good day.
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1376
Experience: JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
Jax Tax and other Tax Specialists are ready to help you

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