How much can I gift to my children and their spouses, in 2013, who live in Nevada and California? 6 Answers as of July 18, 2013

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Law Office Of Victor Waid
Law Office Of Victor Waid | Victor Waid
You need to ask your CPA for tax advice.
Answer Applies to: California
Replied: 7/18/2013
The Schreiber Law Firm
The Schreiber Law Firm | Jeffrey D. Schreiber
The exclusion from federal gift tax starting in 2013 is $14,000 per person, not including gifts of any future interests in property.
Answer Applies to: California
Replied: 7/18/2013
Goldsmith & Guymon
Goldsmith & Guymon | Dara Goldsmith
14,000 assuming you are a US citizen.
Answer Applies to: Nevada
Replied: 7/18/2013
Danville Law Group | Scott Jordan
You presume you are asking how much can gift without having to file gift tax return. It is $14,000 per person in 2013. Otherwise, you can gift any amount you want, but would need to deduct any amount over $14,000 from your lifetime gift exemption.
Answer Applies to: California
Replied: 7/17/2013
Neal M. Rimer, Esquire
Neal M. Rimer, Esquire | Neal M. Rimer
$14,000 per donor to each donee is the annual exclusion amount right now for each calendar year. You can gift more if you utilize some of your unified credit. Each donor can gift up to $5,250,000 without having to pay any gift tax. But, then there is not any more credit available upon death. Gifts need to be analyzed since when a gift is made the basis in the hands of the donee is the lower of cost or market value. When a disposition occurs after death, the basis of the asset in the hands of the recipient is then the fair market value at the date of death. As a result there are significant income tax costs that can arise. Sometimes, it is better to wait until death for those gifts to be made since the cost of keeping those assets, without incurring estate tax, creates a substantial income tax savings.
Answer Applies to: California
Replied: 7/17/2013
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