Gift tax exclusion REG

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  • March 5, 2015 at 1:01 am #192501
    Anonymous
    Inactive

    So….if someone were to give you 300,000 dollars as a gift in a year, they would be able to use the Federal Gift Tax credit and pay no tax on that amount?

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  • March 10, 2015 at 1:00 am #654137
    Anonymous
    Inactive

    Can you elaborate? I'm wondering if I missed something….

    March 10, 2015 at 1:43 am #654138
    Gabe
    Participant

    Assuming thy haven't reached their lifetime limit, yes, but they'd still have to report it.

    CPA, CFE
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    March 10, 2015 at 1:49 am #654139
    Anonymous
    Inactive

    Gabe got it

    Basically no middle class person will ever have to worry about this on the federal level

    March 10, 2015 at 12:54 pm #654140
    Anonymous
    Inactive

    This is outside of the gift tax they have to pay?

    March 10, 2015 at 2:48 pm #654141
    wr8280
    Member

    No tax due. Assuming the donor didn't exceed his/her lifetime limit.

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    REG- 93
    AUD- 89
    BEC- 88

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