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What is the max. gift tax as proposed in 2017 and 2018 by…

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What is the max...

What is the max. gift tax as proposed in 2017 and 2018 by President Trump?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

On a $4,000,000,00 doller gift?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not that I know ofd.

Submitted: 3 months ago.Category: Tax
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Answered in 9 minutes by:
10/31/2017
Tax Professional: Lev, Tax Advisor replied 3 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 31,361
Experience: Taxes, Immigration, Labor Relations
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The donor is generally responsible for paying the gift tax.

The annual exclusion applies to gifts to each donee.

The annual exclusion for 2014, 2015, 2016 and 2017 is $14,000.

For 2018, the annual exclusion is $15,000.

Gifts above that limit are classified as "taxable gifts" and gift tax return would be required.

But actual gift tax liability will only start after the taxable gifts will be above the annual exclusion amount.

For 2017 - inflation adjusted exclusion is $5,490,000. This amount increased to $5,600,000 in 2018.

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Customer reply replied 3 months ago
I am not sure what you mean by exclusion. What would be the tax on the four million dollars?
Tax Professional: Lev, Tax Advisor replied 3 months ago

Assuming you never made taxable gifts - on the four million dollars gift you made in either 2017 or in 2018 - as a donor - you will NOT pay any gift tax because that amount is below the lifetime exclusion.

But because that gift is more than the annual exclusion - the gift tax return will be required.

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Tax Professional: Lev, Tax Advisor replied 3 months ago

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