Gifting
Can gifting be to anyone or does it have to be a family member?
Can you go back and do any type of ''catch up'' on gifting that was not done in years past?
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Read More Answered By: Karen Spigler |
Re: Gifting Yes, you can gift to anyone, not just to family members. However, family members may think that the person you are gifting to has unduly influenced you into providing that person a gift. If it of your own free will, you may want to accompany the gift with a letter to explain the nature and reason for the gift (to protect the gift receiver).
Your second question had to do with 'catching up on gifts.' By that, I assume you mean the gift tax exclusion. If you gift to an individual in 2002, you are not required to file a gift tax return if your gift for each individual is less than $11000 annually. You could gift more, but you would then be using your estate tax exemption and would have to file a gift tax return. Once you exceed your estate tax exemption limit, the gift would be taxable and you would have to pay tax. |
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