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Taxpayers are allowed to "gift" real estate, personal property and/or money to other individuals without having to pay any kind of corresponding taxes because of the gift provided the taxpayer follows certain gift limitations set forth by the Internal Revenue Service.
Annual and Lifetime Gift Limits
The are two (2) different types of gift limitations. There is the annual gift limitation and there is the lifetime gift limitation. These limits are established by Congress and administered by the Internal Revenue Service.
Annual Gift Limit Increased for 2013
The annual gift limit is set annually by the Internal Revenue Service pursuant to a formula pre-established by Congress. The Internal Revenue Service just announced that the Annual Gift Limit for 2013 has been increased to $14,000.00 (it was $13,000.00 for 2012).
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1 comment:
good post about self directed ira
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