What is the name of your state? california
After reading the gift tax answered question, two of the answer conflict with each other. "WHEN DOES A GIFT BECOME TAXABLE?" and "CAN I GIFT DURING MY LIFETIME WITHOUT INCURRING ANY GIFT TAX LIABILITY?"
One answer says that you have to responsible for tax when it's gifted over $11,000 in one year no matter how many people you are giving it to. The latter indicates that a person (ex. Mr. Bill Gate) can gift total of $11 million (which is way over $11,000) to different people as long as thery're under $11,000 each within one year and start over again in the following year.
Please advice which is true.
After reading the gift tax answered question, two of the answer conflict with each other. "WHEN DOES A GIFT BECOME TAXABLE?" and "CAN I GIFT DURING MY LIFETIME WITHOUT INCURRING ANY GIFT TAX LIABILITY?"
One answer says that you have to responsible for tax when it's gifted over $11,000 in one year no matter how many people you are giving it to. The latter indicates that a person (ex. Mr. Bill Gate) can gift total of $11 million (which is way over $11,000) to different people as long as thery're under $11,000 each within one year and start over again in the following year.
Please advice which is true.