Fratagamo 13 years ago on Texas Tech 13k is Federal. State Gift Tax kicks in at 12k in NC, or 10k in FL, making it applicable. Also, the lifetime limit is much lower in NC (100k). 1 Log in to reply or vote on comments
Fratagamo 13 years ago on Texas Tech that, or you are taking advantage of the gift tax laws. $12k a year will pay off a car with a 0% interest rate, while allowing you to avoid paying a lump sum gift tax. Not knowing applicable tax law = NF 2 Log in to reply or vote on comments
Broscar Wild 14 years ago on Clemson University *Poor Grammar = NF 2 Log in to reply or vote on comments
13k is Federal. State Gift Tax kicks in at 12k in NC, or 10k in FL, making it applicable.
Also, the lifetime limit is much lower in NC (100k).
that, or you are taking advantage of the gift tax laws. $12k a year will pay off a car with a 0% interest rate, while allowing you to avoid paying a lump sum gift tax.
Not knowing applicable tax law = NF
*Poor Grammar = NF