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Law Offices of
Michael Rosenberg

3 Spruce Hollow
Armonk, NY 10504
Phone: (914) 683-0800
Fax: (914) 273-3285
 mr@mrosenberglaw.com

Law Offices of Michael Rosenberg
 

Take Advantage of the
Annual Gift Tax Exclusion

By Michael Rosenberg
Reprinted from "Perspectives" newsletter, updated March 2007

Before the end of this year, you may want to take advantage of the annual gift tax exclusion. You can gift $12,000 ($24,000 for married couples) to each of your children and/or other loved ones, without incurring gift tax or filing a gift tax return or reducing the lifetime exclusions mentioned below. The following chart shows the estate and gift tax rates and exclusions through 2011. 

Year

Federal estate tax exemption

New York estate tax exemption

Top marginal estate & gift tax rates (federal)

Gift tax exemption (federal)

2004

$1.5 million

$1 million

48%

$1 million

2005

(see note below)

47%

2006

$2 million

46%

2007

45%

2008

2009

$3.5 million

2010

N/A

0% estate tax 35% gift tax

2011

$1 million

55%

 Blank cell = no change from previous year

NOTE:   Unless New York law is revised, New York estates falling into the gap between the New York exemption of $1,000,000 and the federal exemption of $1,500,000 will be paying New York tax even where no federal tax is owed.

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