What is the name of your state? PA
I have two questions. First, I am trying to find out what the "lifetime exclusion of gifts" amount was for the year 2002.
(Or is it called "Unified Credit?" Would someone please clarify this for me also.)
Secondly, my grandmother gave me $300,000 in cash in 2002 as a gift. Do either of us have to pay gift taxes on this amount? If so, who? If not, then why not?
Thank you so much for taking the time to reply.
I have two questions. First, I am trying to find out what the "lifetime exclusion of gifts" amount was for the year 2002.
(Or is it called "Unified Credit?" Would someone please clarify this for me also.)
Secondly, my grandmother gave me $300,000 in cash in 2002 as a gift. Do either of us have to pay gift taxes on this amount? If so, who? If not, then why not?
Thank you so much for taking the time to reply.