Set the record straight for how much a person can gift away, when to let the IRS know, and what your lifetime limits are…
1. How old do you have to be when you start filing gift tax forms w/ the IRS?
2. What if you give your grandkids money each year for Christmas? Does that count?
3. Is there a certain annual or lifetime limit for gifting?($11.8 million for lifetime; $15kper person/per year)
4. What percentage of a gift do I have to pay taxes on? (@50%)
5. Explain the penalty if you don't file gift tax forms w/ the IRS...
6. What are Capital Gains Taxes?
7. Basis: What you originally paid for your home is your basis.
8. What is a "step-up in basis"?