Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

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

Customer Question
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: 6 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 9 minutes by:
10/31/2017
Tax Professional: Lev, Tax Advisor replied 6 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,856
Experience: Taxes, Immigration, Labor Relations
Verified

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.

Questions?

Ask Your Own Tax Question
Customer reply replied 6 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 6 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.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 6 months ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
Ask Your Own Tax Question
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,856
32,856 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
What is the tax liability on a frozen pension from outside
What is the tax liability on a frozen pension from outside of the US being brought to the country? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
I have a question about gift tax and lifetime exclusions. My
I have a question about gift tax and lifetime exclusions. … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
What is my capital gains tax liability on commercial
what is my capital gains tax liability on commercial property inherited in 1991. assessed value at the time of inheritance was $171,000. Selling price would be $850,000; $200,000 at time of sale - bal… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,221 satisfied customers
If there is no federal tax liability in 2016 because there
If there is no federal tax liability in 2016 because there was no income in 2016, what is the minimum estimated tax that needs to be sent with the extension for 2017 to avoid a penalty?… read more
abci168
abci168
Principal
27 satisfied customers
Is there a tax liability on coins that were being stored by
Is there a tax liability on coins that were being stored by an investment company but I now physically possess them? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have a question about gift taxes. My sister and i
my sister and i inherited some land from our father that he purchased in 1998---we just sold it and want to share 1/3 of it with our mom, and are kind of confused as to how that would be taxed if we gifted it to her … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
This is regarding the gift tax question again. If I send an
This is regarding the gift tax question again. If I send an email to the recipient confirming the money she got was a gift, will that suffice for proof to the IRS if we get audited? Just trying to be … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is a taxpayer required to complete a gift tax return for
Is a taxpayer required to complete a gift tax return for gifts to non-Americans (i.e., citizens of a different country)? What if the taxpayer is not a US citizen?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
I have a tax liability with the State of Wisconsin. Can the
I have a tax liability with the State of Wisconsin. … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
Trying to understand the gift tax law. My parents own a home
My parents own a home I and my wife and 4 children are living in … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
Must a gift tax be filed when a residence is placed in an
Must a gift tax be filed when a residence is placed in an irrevocable grantor asset protection trust? … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form
EMC011075 TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form 709 when not a CHECK I'm under the assumption when reporting gifts from Parent to Child; make sure the Market Value is Correct and… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I'M single and FILING A GIFT TAX return with several gifts
I'M single and FILING A GIFT TAX return with several gifts over the 14000 annual exclusion totaling 15000. Isn't there an additional exclusion for up $1000,000 and where do you enter it on form 709? … read more
Lev
Lev
Tax Advisor
32,856 satisfied customers
Is there a gift tax for a non resident alien getting money
Hello, Is there a gift tax for a non resident alien getting money from a non resident alien through a wire transfer from a bank outside the US to a US bank?… read more
abci168
abci168
Principal
27 satisfied customers
Second opinion] Is there gift tax involved in settling
Second opinion] Is there gift tax involved in settling transfer on death deed?… read more
Lev
Lev
Tax Advisor
32,856 satisfied customers
The gift tax return was due in year 2012 and 2013 and donor
the gift tax return was due in year 2012 and 2013 and donor forgot to file it. now what are the consequences for donor and receiver?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,221 satisfied customers
What are our tax liabilities when we gift a large sum of
What are our tax liabilities when we gift a large sum of money and a house to our kids? … read more
Lev
Lev
Tax Advisor
32,856 satisfied customers
Information on Gift tax return. My 100 year old mother wants
my 100 year old mother wants to gift the balance of a home loan to my brother, Balance is aprrox $35,000. What are the mechanics? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x