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Below are some of the more common questions and answers about Gift Tax issues. The laws on Estate and Gift Taxes are considered to be some of the most complicated in the Internal Revenue Code.
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www.irs.gov/businesses/small/article/0,,id=108139,00.ht...
www.irs.gov/businesses/small/article/0,,id=108139,00.html
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A quick look at tax rules for gifts. ... The main rules for gifts between individuals are fairly simple. These gifts don't produce deductions for the donor or income for the recipient. And most of the time there's no gift tax, either.
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www.fairmark.com/begin/gifts.htm
www.fairmark.com/begin/gifts.htm
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Gift tax - Wikipedia, the free encyclopedia
In economics, a gift tax is the tax on money or property that one living person gives to another. The United States Internal Revenue Service says a gift is "Any transfer to an individual, either dir...
en.wikipedia.org/wiki/Gift_tax
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(Important: The gift tax is repealed effective for gifts made on or after January 1, 2009. The following information applies to gifts made before January 1, 2009.) ... A gift tax is imposed on a donor with donees divided into three classes: Class A includes any lineal ancestor or descendant, or adopted child or...
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www.dor.state.nc.us/taxes/gift/
www.dor.state.nc.us/taxes/gift/
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If you give people a lot of money, you might have to pay a federal gift tax. But the IRS also allows you to give up to $13,000 in 2009 and 2010 to any number of people, every year, without facing any gift taxes, and without the recipient owing any income tax on the gifts. ... The federal gift tax exists for one reason:
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turbotax.intuit.com/tax-tools/tax-tips/tax-planning-and...
turbotax.intuit.com/tax-tools/tax-tips/tax-planning-and-checklists/5533.html
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GENERALLY SPEAKING you only need to file a gift tax form when you exceed the annual $13,000 tax-free gift limit ($12,000 for gifts in 2006-2008). But it's also prudent to send in that Form 709 every time you make a transaction with a family member over $13,000 - even if it wasn't a gift.
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www.smartmoney.com/personal-finance/taxes/when-to-file-...
www.smartmoney.com/personal-finance/taxes/when-to-file-gift-tax-forms-9555/
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