Gifts - taxability
Answer:
The gift tax is a tax that the IRS will levy if the gifts you give to people are above a certain base dollar value. Your spouse can also make a gift of $14,000 to the same person free of tax. Amounts in excess of the $14,000/ 28,000 base amounts will cause a gift tax return to be filed.
. As a general rule, a gift is only taxable if its value, when added to the value of your estate, exceeds $5,000,000 for current year and in 2012.
. As a general rule, a gift is only taxable if its value, when added to the value of your estate, exceeds $5,000,000 for current year and in 2012.
