Legal Question in Tax Law in Missouri

For federal gift tax law, a gift of up to $12,000 (2008), $13,000 (2009), can be made by an individual to another individual, related or not, with no actual out of pocket gift taxes being payable. This is the case if the gift is a "present interest gift" - such as delivery of cash; a car; a check; etc. where there are no strings attached to the gift and no delay or restrictions on the recipients use of the gift as he/she desires. There are other issues that are important to consider when making/receiving a gift, the preceding is a simple overview. There are no gift taxes in MO.