12-04-2003, 05:49 AM
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 Re: gift max in 2003 plus joint I-bond purchase tseverson[at]mn.rr.com (Terry Severson) wrote: - quote - > As part of my mother's estate plan she intends to give me a
The $11,000 tax free gift limit includes ALL gifts given to> gift of $11,000 in 2003. She also intends to purchase some > I-Bonds and put my name on them as a co-owner with her. > Are there any tax consequences in regards to her or my 2003 > tax return? Are there any tax forms to fill out in this > situation? Is there any effect on her $1,000,000 lifetime > exemption? an individual in a given year. If the value of all gifts exceeds that number, the giftor is required to file a gift tax return on Form 709. As the recipient of one or more gifts you have no reporting or tax consequences. Of course, if you cash the I-bonds you will owe tax on the accrued interest. As stated above, gifts greater than $11,000 in one year WILL go against her $1,000,000 lifetime exclusion limit. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
12-01-2003, 05:22 PM
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| gift max in 2003 plus joint I-bond purchase As part of my mother's estate plan she intends to give me a gift of $11,000 in 2003. She also intends to purchase some I-Bonds and put my name on them as a co-owner with her. Are there any tax consequences in regards to her or my 2003 tax return? Are there any tax forms to fill out in this situation? Is there any effect on her $1,000,000 lifetime exemption? TIA, Terry << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 2003, gift, ibond, joint, max, purchase |
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