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You can receive up to 13,000 dollars annually from one person before that person would need to file a gift tax return
. If the gifts exceed the 13,000 dollar threshold per recipient,, the giver would either need to pay gift tax
or claim a portion of their unified tax credit
to avoid paying the gift tax. The unified credit is applicable to the gift and estate tax
regimes. For 2012, there is a 5,120,000 dollar estate tax exclusion, which amounts to a 1,772,800 dollar lifetime unified credit for 2012.
If the Bush tax cuts for the Estate tax expire at the end of the year, the lifetime estate and gift tax exclusion of 5,120,000 drops to 1,000,000. However, and individual
will still be able to give 13,000 dollars a year without filing
a gift tax return.
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