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“Gift” Tax Laws 2013?

Asked by: minchk 7168 views YA Discussion

Ref: US residents. Does a recipient of a monetary gift need to be related by blood to both married persons giving the gift? For example, can my parents – birth mother and step father – gift me $ 28,000 this year (2013) without having to pay any gift tax if it is within the lifetime gift limit? Thank you in advance for clarifying.

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2 Answers

  1. Bash Limpbutt's Oozing Cyst© on Mar 01, 2013 Reply

    The annual exclusion is $ 14,000 per recipient for 2013, to an unlimited number of recipients. Each of them can give you $ 14,000 without either or them having to file a gift tax return or dip into their lifetime exclusion amounts.

    Relationship does not matter. The only relationship exclusion to the gift tax is between spouses who can make unlimited gifts to each other without filing a gift tax return or using their annual or lifetime exclusions.

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  2. tro on Mar 02, 2013 Reply

    recipients of gifts are not taxable on any size gift
    gifts could be included in one’s estate, however as far as I know the amount has not changed, $ 13000 per person

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