Skip to main content

View Diary: Rolling Stone Magazine Exposes how Mitt Romney Dodged his Taxes (252 comments)

Comment Preferences

  •  You may (1+ / 0-)
    Recommended by:
    johnny wurster

    After you use up the annual exclusion, you can apply your one time, life time credit against a gift and still not pay tax.  Once you run through that, however, you do need to pay tax.  However, when you file your estate tax return, those gifts and the gift tax get pulled back in, but at the value at which they were made, so you get credited.  But all the appreciation and income of those gifts are out of your estate and pass estate/gift tax free, so it still can be worth it even if you have to pay the tax.

Subscribe or Donate to support Daily Kos.

  • Recommended (141)
  • Community (67)
  • 2016 (55)
  • Environment (44)
  • Elections (42)
  • Republicans (38)
  • Media (37)
  • Hillary Clinton (35)
  • Iraq (32)
  • Law (30)
  • Jeb Bush (30)
  • Barack Obama (30)
  • Trans-Pacific Partnership (29)
  • Climate Change (29)
  • Culture (29)
  • Civil Rights (27)
  • Labor (24)
  • Economy (23)
  • White House (18)
  • Science (18)
  • Click here for the mobile view of the site