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Posted by rlbarlow0301 on January 25, 2007, 2:24 am
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What is the benefit to the gifter to gift money to a family
member?
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Posted by Phil Marti on January 26, 2007, 5:01 am
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> What is the benefit to the gifter to gift money to a family
> member?
Warm fuzzies for having helped a loved one and, hopefully, a
timely, gushing thank you note.
There are no tax benefits, and if the gift exceeds the
annual exemption (either $12,000 or $12,500 in 2007), the
donor has a gift tax filing requirement.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Stuart A. Bronstein on January 26, 2007, 5:01 am
Please log in for more thread options rlbarlow0301@tds.net wrote:
> What is the benefit to the gifter to gift money to a family
> member?
Aside from love and affection it reduces his taxable estate.
If someone has a large estate a gift of $12,000 could
reduce the amount of estate taxes by $4,000 or even $6,000,
leaving a net saving to the family.
Stu
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Shyster1040 on January 26, 2007, 5:01 am
Please log in for more thread options Tax-wise? Nothing. Other-wise? Everybody's different, it
all depends on the donor and what makes that person happy.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by joetaxpayer on January 26, 2007, 5:01 am
Please log in for more thread options rlbarlow0301@tds.net wrote:
> What is the benefit to the gifter to gift money to a family
> member?
Getting it out of your estate to save on taxes, or to
prepare to get medicaid 5 year's hence (more or less).
To help the family member whom you presumably love.
Because giving is better than receiving. (that one is a
stretch)
JOE
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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