Just a quick note here - The IRS has provided in Rev Proc 8-66 that the Annual Gift Exclusion amount for 2009 has been increased to $13,000.
This means that individuals may give $13,000 in gifts each year to other persons without having to file a gift tax return. Should you be married, you can "split" these gifts and essentially give another person $26,000 in one year...but you need to file a gift tax return in that case to advise the IRS of what you've done.
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