Gifts - More than Annual Exclusion
Answer:
There is no gift tax or inheritance tax to the Recipient.
Form 709 is required since it exceeds the current year's annual exclusion of $14,000.
You may not owe any money to the IRS because everyone is entitled to a lifetime exclusion for gifts and their estate.
In the current year, this federal lifetime exemption is up to $5,250,000 .
Cumulative gifts during one's lifetime up to this exclusion although reported, are not taxed federally. State tax laws vary. Please consult with your local CPA.
Form 709 is required since it exceeds the current year's annual exclusion of $14,000.
You may not owe any money to the IRS because everyone is entitled to a lifetime exclusion for gifts and their estate.
In the current year, this federal lifetime exemption is up to $5,250,000 .
Cumulative gifts during one's lifetime up to this exclusion although reported, are not taxed federally. State tax laws vary. Please consult with your local CPA.
