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Gift Tax

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HHYIM

Junior Member
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.
 


Snipes5

Senior Member
If you gift more than $11,000 to any one person in any one year, you must file a gift return.

Presumably you can do this until you have gifted $11,000,000 over a lifetime.

Snipes
 

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