Legal Question in Business Law in Texas

Re: Gift

you should contact your cpa

Re: Gift

There is a federal tax on gifts. A gift tax return is required to be filed, in most cases. However there are exceptions. One is that you may give gifts of $10,000 per year to any number of donees. i.e. 10 donees would be $100,000. No returns need be filed and no taxes paid. If you are married you and your wife together can give $20,000 per year to any number donees. In addition you may use your lifetime estate and gift tax credit to make gifts. In that case you would have to file a gift tax return but you could give about $650,000 without tax. This is a complcated area and any gift giving should be tied into estate planning to minimize taxes. L. Maun 713.266.2560