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2006 Gift Tax Limit
Q:
Subject: Gift Tax Limit 2006
Kerry,I need to show an IRS certified verification that the 2006 gift tax limit will be $12,000. Is there an IRS resource that shows this information. So far, I have been unable to locate this information over the web.
Thank you for your time!
A:
Historically, IRS is always at least a few months behind the academic community when it comes to releasing the inflation adjusted changes in tax related amounts. This means it probably won't be until near the end of the year until IRS officially confirms the calculations that CCH released last week.
While he doesn’t include gift taxes, Professor James Young shows the actual inflation factors used in these calculations.
That will have to do the job for you for now. Anybody demanding official IRS confirmation of those calculations at this early date is being completely unrealistic.
Kerry Kerstetter
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 9/24/2005 10:48:00 AM Send this post:
