United States Gift Tax

A United States Gift Tax is due on any gift made by one person in excess of the annual gift tax exclusion. The current annual exclusion for United States Gift Tax is $13,000.

Currently there is a $1,000,000 exclusion from United States Gift Tax during a Bucks County resident’s lifetime. If a Bucks County resident uses part of the $1,000,000 lifetime exclusion, it will consequently reduce the value of assets that Bucks County resident can pass free of Federal Estate Tax when the Bucks County resident dies.

Any time a Bucks County resident gifts more than the annual exclusion amount to one beneficiary, a United States Gift Tax Return must be filed.

United States Gift Tax Returns are also difficult and complex to prepare. It is the executor’s duty to the beneficiaries of a Bucks County estate to properly pay all applicable taxes and file all required tax returns, including past due United States Gift Tax Returns.