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The donor gives a donee an income interest for a term of years

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and, prior to the expiration...
The donor gives a donee an income interest for a term of years and, prior to the expiration of the first term of years, expands it to a longer term of years, does the: (a) original term of years qualify for the annual exclusion; or (b) the expanded term of years qualify for the annual exclusion
Submitted: 6 years ago.Category: Legal
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5/1/2011
Lawyer: lwpat, Attorney replied 6 years ago
lwpat
lwpat, Attorney
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Are you asking about the annual gift exclusion where you do not have to file a gift tax return?
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Customer reply replied 6 years ago
Are you asking about the annual gift exclusion where you do not have to file a gift tax return?
Yes..
Lawyer: lwpat, Attorney replied 6 years ago
The answer to both of your questions is yes. The only requirement is that the party not receive more than the exclusion amount in one year. The source of the funds or the number of years does not matter.
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