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J
joef
Level 1
September 6, 2023

Federal Gift Tax lifetime Exemption.

  • September 6, 2023
  • 1 reply
  • 7 views

Taxable gifts made in the years 1970-1975.  Does any part of the Exemption used in the earlier years affect the Exemption for gifts made in 2021 and 2022 ???

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    September 6, 2023

    Yes. Lifetime means lifetime. There may be some special rules for pre 1976 gifts. Check the instructions, I'm old, but I wasn't practicing then.

    EDIT: It's pre 1977 gifts. See page 3 of the 709, Schedule B. I've got old clients who made gifts then.

    The more I know the more I don’t know.
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