Car-Guy
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
1- Yes, that's my understanding too.... ex. I once gave a car to my DD... I estimated the value using KBB and added that to the cash I gave her for the year.Questions:
1. Is my understanding correct that "in kind" gifts to kids would count towards the $15K annual gift tax exemption amount?
2. At what level do you or people you know keep track of this sort of stuff? Do you only gift $14,980 plus a hamburger? $12,000 plus a cruise?
2- I don't track things like hamburgers, but I do track things like Christmas and Birthday gifts since those are nice chucks of change. In the end I file form 709 anyway since I'm gifting over 15k but I round it off (up) to the nearest 1k.
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