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IRS Gift Tax Exclusion

Gift Tax Exclusion

The federal gift tax exclusion, also known as the annual exclusion, is the total value of gifts you can make to any person per year without having to pay gift tax or report it on a gift tax return–IRS Form 709. The goal of the IRS gift tax is to ensure that wealthy Americans cannot transfer a significant amount of their assets to others without incurring any type of tax. Furthermore, the gift tax is completely separate from the federal income tax, and it’s possible to owe both types of taxes in a single tax year. However, because of the gift tax exclusion, the average taxpayer will never pay a gift tax.

Gift Tax Exclusion Amount for 2011-12

The gift tax exclusion tends to increase every few years, and in 2011 through 2012 it is fixed at $13,000. This means that you can make as many gifts as you want during 2011 to as many people as you want, as long as the total value for any one person doesn’t exceed $13,000. If any one of your gifts exceeds this amount, it doesn’t automatically mean you will pay gift tax, but you will be filling out an IRS gift tax return to report the amount that exceeds the $13,000 exclusion. Remember–your obligations to file a gift tax return and to pay gift tax are separate and distinct.

Exceeding Gift Tax Exclusion with Unified Credit

If you have to file a gift tax return on Form 709, you only pay tax on the gift values in excess of $13,000. However, there is another way to avoid owing gift tax with your return. When the gift tax exclusion isn’t sufficient to eliminate your entire gift tax liability, you should consider using part of your unified credit. The unified credit is equal to $1 million and is available to every taxpayer. This credit allows you to reduce your taxable gifts, which are the amounts that exceed the exclusion, with your available unified credit balance. For example, if you make a $20,000 gift in 2012, $7,000 of it is a taxable gift. Although you report the $7,000 on a gift tax return, you can then use $7,000 of your available unified credit to reduce your taxable gifts to zero. But if you do, you have $7,000 less unified credit to use for future gifts you make that exceed the gift tax exclusion.

Reference: IRS Publication 950-Introduction to Estate and Gift Taxes