CAN YOU CLARIFY a little bit, so i have to do a $130 k gift??

Question

please can you tell me more, is this taxible, and if so, how much??? wholdthis be, or whould this be for when i die. please help me, my tax advisoor will carge me about $150 ans i like to get a better idea before i do so. thanks

Answer 1

If you make a $130 gift you'd have to file a gift tax return.  You have a $1 million lifetime exemption from paying gift tax, so unless you have used that up, you won't owe a gift tax.

When you die, the amount of the gift exclusion that you've used up is used in the calculation of whether your estate owes tax.