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I have given several large gifts over the past few years and…

I have given several...

I have given several large gifts over the past few years and there is a good chance that i will be giving away to my grandchildren over $5.500,000.00 within the next 10 years

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

What would be my tax % liability be on all past and present gifts assuming that i would reach the maximum $5,500,000.00

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

No, i think thats it

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Answered in 4 minutes by:
3/17/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,766
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The maximum lifetime gift cap has been increased to $11 million+ with the passing of the tax reform bill in December, 2017.

The gift tax rate ranges from 18-40%.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,766
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
thank you !!!

My pleasure.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

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Customer reply replied 1 month ago

Can you call me I able to talk for the next 5-6 hrs @ **********

I can make you an offer of a phone call. There is an extra charge for the phone call.

You can choose to accept or decline.

Let me know a convenient time to call after 8:00 pm Eastern.

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Customer reply replied 1 month ago
$50 additional???

Yes. Personal phone calls are an extra charge.

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Barbara
Barbara
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Category: Tax
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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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