Things you may not know about the Federal Gift Tax
Thursday, 03.05.2009, 08:40pm (GMT)
- The purpose of the federal Gift tax is to make sure that individuals do not give away all of their assets before death to avoid paying estate tax?
- The gift tax is imposed on the “giver” (or donor) - the person making the gift - and not on the person receiving the gift (the donee)?
- A gift (i.e., a gift not made to a charity) has no effect on federal or state income taxes?
- You can give $13,000 to as many individuals you want - relatives, friends or even strangers – in calendar year 2009 with no gift, or future estate, tax consequences?
- You may have to file a gift tax return if you put your child's name on the deed of your home, or give them a significant amount of money or stock/securities for a down payment on a house?