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I make $200K base salary annually and if I give $100K a year…

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I make $200K base...

I make $200K base salary annually and if I give $100K a year in alimony payments, what would my tax advantage be assuming I'm in the 35% tax bracket?

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Tax Professional: Tax.appeal.168, Tax Accountant replied 11 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Q: I make $200K base salary annually and if I give $100K a year in alimony payments, what would my tax advantage be assuming I'm in the 35% tax bracket?

A: In brief, there is no tax advantage to making gifts. Gifting amounts does not decrease your reportable income. In addition, if you gift over $14,000 a year to any one person, you will need to complete and file a Form 709 (Gift tax return). The gift amount is then applied towards your annual lifetime gift exclusion amount. SEE BELOW:

For 2017, the estate and gift tax exemption is $5.49 million per individual, up from $5.45 million in 2016. That means an individual can leave $5.49 million to heirs and pay no federal estate or gift tax.

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May I deduct gifts on my income tax return?

Making a gift or leaving your estate to your heirs does not ordinarily affect your federal income tax. You cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions). If you are not sure whether the gift tax or the estate tax applies to your situation, refer to Publication 559, Survivors, Executors, and Administrators.

How many annual exclusions are available?

The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift. The annual exclusion for 2014, 2015, 2016 and 2017 is $14,000.

REFERENCE SOURCE:

https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes

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