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Can I gift my children with a gift letter that has been notarized pre Dinar exchange at cu

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rrent rate of 1166.00 let's...
Can I gift my children with a gift letter that has been notarized pre Dinar exchange at cu rrent rate of 1166.00 let's say $50,000 which makes the gift less than $500.00. Then when the rate changes they can cash them in at the new rate. Will this help/save both parties from high taxes? Mitzi
Submitted: 2 years ago.Category: Tax
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Answered in 18 minutes by:
5/9/2015
Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,064
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Hi, Mitzi.
Welcome to Just Answer. My name is ***** ***** it will be my pleasure to assist you with your tax question today.
Recipients of gifts have no tax liability for the gift.
The giver of the gift will have a REPORTING requirement if the amount of the gift is more than $14,000 during a year and will use Form 709 to report the gift. There would be no tax liability for the giver of the gift until the giver exceeds the lifetime cap of $5.34 million.
For reporting purposes, the U.S. dollar rate in effect at the time the gift is made would be used.
Please let me know if I can assist you further.
Thank you and best regards,
Barb
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Tax Professional: Barbara, Enrolled Agent replied 2 years ago
I see you are now offline.
If you have any other questions or concerns, please come back to me here at your convenience, and I will be happy to assist you.
If not, please take a moment to rate my answer since that is the only way I receive credit for answering you and alerts Just Answer to compensate me.
Best regards,
Barb
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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,064
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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