2011 by the numbers:
$13,000 gift per recipient in 2011
This year you can give up to $13,000 per recipient without filing any special tax forms with the IRS.
$5,000,000 in a lifetime
You can also give away up to $5,000,000 in gifts during your lifetime without any tax owed on such gifts. Though a gift tax form must be filed with the IRS.
$5,000,000 when you die
A person dying in 2011 can pass up to $5,000,000 to his or her family and friends free of federal estate tax.
$1,000,000 when you die
But if the decedent is a resident of Maryland, anything passed on to family or friends over $1,000,000 is subject to Maryland estate tax.
Unlimited gifts and estates to spouses
There is no gift tax or estate tax for spouses giving to each other (so long as the recipient is a U.S. citizen.)
Portability
New to our Federal Estate Tax code - unused estate and gift exemptions can be used by the surviving spouse upon his or death, with the proper filing of forms.
*** Please note this blog post is meant as a guide not the last stop for legal advice for your particular situation. ***
Monday, June 13, 2011
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