Gifts - Spousal Gifts
Any gifts between spouses?
Gifts:
First, BE CAREFUL. It is not unusual to overhear at a social gathering a conversation about gifting away one’s assets to avoid probate and estate tax issues. The intent is of course to disinherit the Internal Revenue Service. First, this is wrong as it violates income/gift tax laws, and, second, the I.R.S. is not as disinterested or ignorant of this as some of you would like to believe. Having said this, here are some things you can legally do.
Spousal Gifts:
You may give an unlimited amount of property to your spouse without gift tax liability if your spouse is a US citizen. If your spouse is not a US citizen (even if living in the US) special rules and limitations apply.
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