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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 55278
Experience:  Attorney with 29 years of experience.
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I would like to know how the gift giving of money pet year

Customer Question

I would like to know how the gift giving of money pet year works? How much? How to do it? Everything involved. Thank you.
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.

Good afternoon. My name is ***** ***** I look forward to helping you.

First, just a clarification....do you mean "per" year? Thanks.

Expert:  Richard replied 1 year ago.

Hi. I'm just following up to make sure you received my response.

On the presumption that you intended to type "per" rather than "pet," here's how the gift tax works. Recipients of gifts are not subject to gift tax. On the donor side, each donor can give $14,000 per year per person under the annual gift exclusion. In addition to that, for any amounts in excess of the $14,000 in a year, each person has a $5,430,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,430,000 in gifts over and above the $14,000 annual gift exclusion amount without incurring gift tax....the donor must file a gift tax return to let the IRS know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative additional gifts have exceeded the $5,430,000.

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