What is the maximum amount of a change contribution I can bequeath someone short that soul have to income excise on it?
Answers:
ninasgramma is correct. Person who receive the offering (of any amount) does not clear the grant charge. Only the donor have to money offering toll.
All gifts of more than annual exclusion amount ($12000 for 2006) must be reported. You can breed any number of gifts of smaller amount than $12,000 to different individuals in need any bequest charge liability.
The heir of a bequest does not foot income export tax. Only the donor would possibly earnings income export tax. There is a lifetime exclusion of $1 million.
A personality making a endowment contained by excess of $12K must include the bequest within the lifetime exclusion and wallet Form 706 to document the bequest.
Yes - the max. for 2006 is $12K. But if you are married. You can endowment $24K. Even if your spouse isn't certainly giving the money, it's considered from the both of you.