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Quick look-ups: 1981 IRS present interest gift annual donee exclusion: $3,000 1982 IRS present interest gift annual donee exclusion: $10,000 2001 IRS present interest gift annual donee exclusion: $10,000 2002 IRS present interest gift annual donee exclusion: $11,000 2003 IRS present interest gift annual donee exclusion: $11,000 2004 IRS present interest gift annual donee exclusion: $11,000 2005 IRS present interest gift annual donee exclusion: $11,000 2006 IRS present interest gift annual donee exclusion: $12,000 The annual donee exclusion is not cumulative. Accordingly, if it is not used during a particular year, the opportunity to use that year's annual donee exclusion vanishes. The use of reciprocal transfers to multiply the benefits of the annual donee exclusion is not permitted. IRS Code §2503(b) The exclusion is available only when the gift transfer consists of a present interest (i.e., an interest or estate commencing in possession or enjoyment immediately). No exclusion is available for a gift made to a trust for the transferor's descendants or other donees where the value of a particular beneficiary's right to income cannot be determined. 1997 IRS unified credit: $600,000 2001 IRS unified credit: $675,000 2002 IRS unified credit: $1,000,000 2003 IRS unified credit: $1,000,000 2004 IRS unified credit: $1,500,000 2005 IRS unified credit: $1,500,000 2006 IRS unified credit: $2,000,000 2007 IRS unified credit: $2,000,000 2008 IRS unified credit: $2,000,000 2009 IRS unified credit: $3,500,000 Though the estate tax is repealed for 2010, by current law it is resurrected in 2011 and the unified credit (estate tax exemption) will be set back to $1,000,000. While the federal estate tax is increased in stages and repealed, the gift tax is fixed at $1,000,000 and remains in existence in 2010, the year of the repeal of the federal estate tax. Lifetime gift exemption f/k/a applicable exclusion amount f/k/a unified credit 1981 IRS lifetime gifts allowed to utilize the unified credit: $???,000 1997 IRS lifetime gifts allowed to utilize the unified credit: $600,000 1998 IRS lifetime gifts allowed to utilize the unified credit: $625,000 1999 IRS lifetime gifts allowed to utilize the unified credit: $650,000 2000 IRS lifetime gifts allowed to utilize the unified credit: $675,000 2001 IRS lifetime gifts allowed to utilize the unified credit: $675,000 2002 IRS lifetime gifts allowed to utilize the unified credit: $1,000,000 2009 IRS lifetime gifts allowed to utilize the unified credit: $1,000,000
Nolo Gift Tax FAQ
State Tax Central (all states) AZ has neither an
inheritance tax nor a gift tax. |
Last updated:
April 15, 2008 TraderStatus™, TradersTaxPlan™, TradersAdvantage™, TraderStatus.com™, TradersTaxPlan.com™, TradersAdvantage.com™, DoYourOwnDaytraderTaxes™, DoYourOwnTaxes™, DoingYourOwnTaxes™, DoYourOwnDaytraderTaxes.com™, DoYourOwnTaxes.com™, DoingYourOwnTaxes.com™, DoYourTaxesOnline™, DoYourOwnTaxesOnline™, DoYourTaxesOnline.com™, and DoYourOwnTaxesOnline.com™ are trademarks and service marks of Colin M. Cody, CPA and TraderStatus.com, LLC, Trumbull Connecticut Copyright© 2004 Colin M. Cody, CPA and TraderStatus.com, LLC, All Rights Reserved |
