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Federal Gift Tax lifetime Exemption.

Level 1

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 Comment 1
Level 15

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.