Legal Question in Real Estate Law in California

Re: one time gift

I assume you are referring to the federal tax rules regarding gift tax. The rules were changed beginning in 2004, and are now roughly as follows:

1. The first $1 million is exempt (not taxed). It's $2 million for a married couple. This is for gifts during a donor's lifetime.

2. At death, the allowance is kicked up to $1,500,000 ($3,000,000 couples) less any gifts made during lifetime.

3. In addition, gifts of $11,000 per year per donor and per donee are generally also exempt. Anything over $11,000 uses up some of the lifetime exemption.

4. The gift and estate tax rates and the exemption amounts will vary from year to year under current law.

5. There is an additional exemption applicable to certain family farmers.

If your estate is large enough for gift and estate taxes to be a potential problem, you should get professional estate planning advice.

Re: one time gift

If you are talking about eight tax-free gifts it will depend upon who you're giving to. If it is to his spouse you can give is much issue can anytime you want more than once anything go tax-free. You'd give up to $11,000 per year in gifts, money, personal property , real property, stocks, bonds including birthday gifts, etc. Puryear to any one individual tax-free. Separate apart from those you'd make the guest but it would have to be followed up with the gift tax return and for the most part it would be tax-free but it would reduce your lifetime tax exemption supplied by the federal government which varies each year. Why your question is quite simple the answer can be complicated and while not extensive once given specifically with all the facts narrowed down substantially.I have been practicing law in this legal area for over 30 years and understand your problem well. I practice in the S.F. Bay Area and if you wish to contact me call at 925-945-6000.