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To: Travis_Bickle who wrote (83945)	8/8/2007 12:10:02 PM
From: Tradelite	Read Replies (2) \| Respond to of 306849

Actually, the annual allowable gift without owing tax is FAR lower than $1 million--that's the lifetime maximum, no? More like $11,000 per year per giftee, maybe $12,000 next year (?) If a couple is involved, each person could be given 11,000.

To: Travis_Bickle who wrote (83945)	8/8/2007 12:16:13 PM
From: Tommaso	Respond to of 306849

>>>Gift tax doesn't kick in until $1m<<< Last time I looked, it was $11,0000 or so. From the IRS: Annual exclusion. A separate annual exclusion applies to each person to whom you make a gift. For 2006, the annual exclusion is $12,000. Therefore, you generally can give up to $12,000 each to any number of people in 2006 and none of the gifts will be taxable. However, gifts of future interests cannot be excluded under the annual exclusion provisions. A gift of a future interest is a gift that is limited so that its use, possession, or enjoyment will begin at some point in the future. EDIT: I guess I do not understand that "unified credit" thing which makes larger gifts possible.