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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (83946)8/8/2007 12:13:14 PM
From: Travis_BickleRead Replies (1) of 306849
 
The 11k figure you are thinking of is the amount you can give to any one person without it reducing your 1m lifetime exemption.

Father gives son Blackacre, which is worth $40k.

$11k of the gift is covered by the annual exclusion, leaving $29k that is not covered.

Father's lifetime exemption from gift tax is now:

1,000,000
(29,000)
---------
971,000

So he can give another 971k in addition to the 11k annual gifts before paying a penny in gift tax.
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