Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-16-2010, 03:33 PM
Junior Member
Join Date: Feb 2010
Posts: 1
Federal Gift Tax

My relatives are planning to gift their home (valued at 1.5 mill) and financial assets (valued at .5 mill) to their children as a transfer of assets step to qualify them for Medi-Cal long term care. My question is whether this would require them each to file a gift tax return for 2010? Is the lifetime gift amount in 2010 still 1 million? thanks..

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Gift Tax Return. define 2632(b) jacrocke Trusts and Gift Tax Returns 0 09-30-2009 03:48 PM
If I receive a gift of $100K... salvo.martin Income 1 03-01-2009 10:29 PM
gift tax exclusion Rich Mort Estate Planning 0 01-04-2009 06:57 PM
What are the Annual Gift Exclusions for 2008? chrisk Estate Planning 2 09-21-2008 03:07 PM
Gift in family is exempt from tax? keshav Miscellaneous 2 12-27-2007 09:59 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning