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- Federal Gift Tax lifetime Exemption.
Federal Gift Tax lifetime Exemption.
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joef
Level 1
09-06-2023
05:04 PM
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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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sjrcpa
Level 15
09-06-2023
06:51 PM
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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.
