Gifts that are not more than the annual exclusion for the calendar year.

Gifts that are not more than the annual exclusion for the calendar year. We are selling rental property and have never claimed depreciation. In other words, if you aren't paid back, at least not fully, it's a gift. Or perhaps your father just discovered some long-forgotten American Motors share certificates he inherited from an uncle. In 2010, it does not matter how much you have; there will be no estate tax at all in that year. Federal law places few restrictions on transfers between spouses. In addition to this, gifts to qualifying charities are deductible from the value of the gifts made. Even though the deductions will be fully usable after 2009, they will produce less tax savings due to lower tax rates.

In 2010, the top estate tax rate will be zero percent. There are no specific laws limiting how much you can give away. Whatever the original owner's basis was, that's your basis. The gift must be of a present interest in the property. Less likely are return-of-capital cash distributions, which require you to reduce the basis of the shares by the amount of the distribution.