Ebook Description :

The annual exclusion applies to gifts to each donee in other words if you give each of your children 11000 in 2002 2005 12000 in 2006 2008 13000 in 2009 2012 and 14000 on or after january 1 2013 the annual exclusion applies to each gift. For federal purposes nothing is required on your or your childrens personal tax returns the gifts are not a deduction to the donors nor are they taxable to the recipients as a donor you are not required to file a gift tax return if each gift was 14000 or less it is required if each gift is more than 14000 for 2015 example 1. So if you and your spouse make a joint gift to both your child and his spouse you can offset 60000 of the homes value 4 x 15000 for gift tax purposes then as long as the net figure is . The gift tax is a tax on the transfer of property by one individual to another while receiving nothing or less than full value in return the tax applies whether the donor intends the transfer to be a gift or not the gift tax applies to the transfer by gift of any property you make a gift if you give property including money or the use of or income from property without expecting to