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eddahopkins · Joined: 22 Dec 2008 Posts: 4 2.72 Dollars($)

Lets discuss for example:

The exempt taxable gift exemption raises to $13,000 in 2009. If you gift three items to one individual, ($9135 one car, $6275 on another car and $4275 in a recreational vehicle, for a total of $19,685), would it be tax exempted.

reading the IRS gift tax guidelines, you can exempt gift tax in 2009 $13,000 per item . I am not clear if it is $13,000 total to one individual, or $13,000 per item, regardless if the recipient is the same individual.

Please advise.

Thanks

smithsussane · Posted: Tue Dec 23, 2008 8:20 pm Post subject:

Hi eddahopkins!

Welcome to forums!

As far as I know, that annual gift tax exemption in 2009 will be $13,000. Thus, you can gift anyone anything within this amount, you will not be charged taxes. In case, this amount exceeds, you will be charged a gift tax.

Guest

Sue,

you will have tax but you do not pay taxes because you can apply the tax an exemption to the $6,685 ($19,685-$13,000) against the $345,800 unified tax credit. Say, if the tax is $3000, then you will have available for future years $342,800 a balance of unified tax credit

msnover92571 · Posted: Mon Feb 23, 2009 4:11 pm Post subject:

Edda thanks for that info i was wondering about this too as my parents want to give me 50k gift for a down payment on a house. Any info on this?

smithsussane · Posted: Mon Feb 23, 2009 10:42 pm Post subject:

Hi msnover!

Welcome back to forums!

As your parents are gifting you the money, they will be liable to pay gift taxes. However, transfer of gifts up to $13,000 per person per year is exempt from taxes. Apart from this, a lifetime gifting limit of $1,000,000 is also exempt from taxes.

Sussane

msnover92571 · Posted: Tue Feb 24, 2009 8:13 am Post subject:

Oh ok so i should be ok then correct? I would still have 950k left? If not can my parents just give me the cash in person and i deposit it in the bank?

Posted: Tue Feb 24, 2009 10:50 pm Post subject:

They can definitely give you the loan in person. But as far as the taxes are concerned, consult a tax adviser regarding this.

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Taxes on Gifts