Finish Big-Money Gifts in 2012

Dear Mr. Premack: Years ago my husband inherited ranch land from his parents, when it had very little monetary value. My husband died this year and left the land to me. I have no desire to keep the land. My two daughters also have no interest in the land. I listed it for sale and…

BRIEF: Gift Tax Exemptions

Question: In one of your recent columns you said that we can give/receive a gift of up to $5 million without paying taxes. I thought the gift allowance amount was $13,000 a year. What is the difference? – GF Answer: There are two separate and distinct gift tax breaks. The “annual exclusion” is $14,000 (in 2014). Gifts…