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Old 02-22-2012, 12:22 PM
nelson1234 nelson1234 is offline
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Thumbs up Federal Gift Tax - Limits For 2009
There is a Federal Gift Tax but it is not clearly understood by most Americans. Some folks even think they can get a deduction for a gift to a friend or relative. So you want to give money to your kids or grandkids but wonder about the tax implications; how much is tax free? Or, if the kids are in bad financial shape and given money, is it a deduction? Hopefully, this article will answer your questions.

The Gift Tax is paid by the person giving the gift, not the one getting the gift. Even if your child or grandchild is destitute, there is no tax deduction for a gift to them. However, under current tax law, there is a $1 Million Lifetime Exemption to the Gift Tax. In addition to the Lifetime Exemption, you can give $13,000 each year to as many people as you want without incurring any Gift Tax. This figure is indexed for inflation and goes up every year. A husband and wife may each give gifts so in that event, $26,000 may be given by a married couple. Cash gifts are not the only kind that are subject to the Gift Tax. If real estate, fine art or precious jewelry is given, they also fall under the same dollar limits as cash gifts.
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