Gift Tax Exemption Limits Increased to $5 Million?

[gridkeeper]

Does anyone have more specific information on the lifetime gift tax exemption limits? I know you can give up to $13,000 per year to any individual without them having to pay taxes on it. And it does not have to be reported to the IRS so it does not go against your overall lifetime exemption. My confusion is the lifetime exemption itself. It used to be $1 million total that one could give away tax free during ones' lifetime. However, there is talk of this having been increased to $5 million. I have been unable to locate anything definitive regarding this.

Any information others have discovered regarding this subject would be most appreciated.

Yes, I will contact a tax professional after the RV, but I would like to know what I am talking about when I do. Thus I have some responsibility to educate myself so I know what questions to ask and can gage whether the TP is knowlegable.

Thank you.

Gridkeeper

[Markinsa]

It is $5 Million.

What's New - Estate and Gift Tax

http://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.html

[normand]

Can you still give a one time gift of $100,000 tax free? and then $13,000 per year?

[Markinsa]

Can you still give a one time gift of $100,000 tax free? and then $13,000 per year?

Read the second link above.

And Normand I see you are OSI and VIP, this topic is covered here.

-

[normand]

Thanks Markinsa.Very informative.