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I am trying to study for a test and have confused myself.

I am trying to figure...
I am trying to study for a test and have confused myself. I am trying to figure our gift and estate taxes. I have a taxable gift of $5 milion dollars. I need to calculate the gift tax for 2007 and 2009. The answer states they are the same and I calculated correctly for 2007 - 1,785,000but why is it the same for 2009 ? I know the rate and unified credit did not change. but I thought the exclusion was different. I am having trouble reading schedule 2001(c). Any help would be appreciated.
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Answered in 7 minutes by:
5/1/2010
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello tuffcookie,

 

The exclusion amount for estates did change for those two years, but the exclusion did not change for gifts alone. The gift limit exclusion was still $1 million for both of those years. Once a person gave more than $1 million in gifts in either of those years, taxes became due on the gifts which exceeded the $1 million.

 

If this was helpful please press the Accept button.

 

Thank you tuffcookie

 

 

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified
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