Discussion:Lifetime exclusion and another gift tax question
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Discussion Forum Index --> Advanced Tax Questions --> Lifetime exclusion and another gift tax question
Discussion Forum Index --> Tax Questions --> Lifetime exclusion and another gift tax question
| 28 December 2007 | |
| Not sure why a taxpayer would want to...but...may a taxpayer choose to NOT use his lifetime exclusion if he chooses to make gifts in excess of the annual exclusion amount?
Also, I am faily certain that this is so, if husband separately owns shares of stock and gifts them, his spouse may elect to split gifts eventhough she had no ownership in the shares...correct? | |
| 29 December 2007 | |
| I think Rev Ruling 79-398 answers your first question. I'm pasting the headnote:
Unified credit. The unified credit provided in section 2505 of the Code is mandatory, and a donor must use it in computing the net gift tax.
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| 31 December 2007 | |
| NYEA,
Thanks for your help. My goal is to one day contribute more to this board than I take. You guys are awesome. 94nole | |
| 31 December 2007 | |
| Can you tell me how to go about gifting the 12000.00 to my children by giving them proberty. | |
| 31 December 2007 | |
| Depends on the property and I would consult a Tax Accountant before doing anything. | |
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