Dec 14 2011
Applying the Gift Tax Exemption to Myself
The most useful of gift tax exemptions for you.
Gift Tax Limit 2011 Amounts
- If you file as single, you may give up to $13,000.00 to each individual you choose to gift. This annual gift tax exclusion amount applies to each gift, not to a grand total of all gifts.
- If you file married, then you may gift up to $26,000.00 to each individual you choose to gift. This annual tax exclusion amount applies to each gift, not to a grand total of all gifts.
There Are a Few Guidelines on the Gift Tax Exemption to Ensure Your Gift is Nontaxable:
- The gift amount cannot exceed the annual gift tax exclusion amount during one calendar year.
- If you have paid for someone else’s education expenses, then no matter how large the amount, this will remain nontaxable.
- Your gift will remain nontaxable if you gave it to your spouse or a political organization.
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