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Federal Gift Tax - Limits For 2009 There is a Federal Gift Tax but it is not clearly understood by most Americans. Some folks even think they can get a deduction for a gift to a friend or relative. So you want to give money to your kids or grandkids but wonder about the tax implications; how much is tax free? Or, if the kids are in bad financial shape and given money, is it a deduction? Hopefully, this article will answer your questions. [VIEW ARTICLE]Comments RSS Feed For This Article: 
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Subject: the uncertain future of gift and estate taxes
There is now less than four months until 2010 and the beginning of the one year insanity Congress has legislated regarding gift and estate taxes. Is there any indication that Congress will make any kind of move before January 1 to provide us with new gift and estate tax law that will take us through 2010,2011 and beyond? Specifically in my mind, will the $1,000,000 lifetime gift tax exemption be increased or recoupled with the lifetime estate tax exemption (currently 3.5 mil)? If the lifetime gift tax exemption is increased, it could actually help stimulate the economy (to a degree) because more money would be gifted and likely spent that can't be gifted under the current $1,000,000 lifetime exemption ceiling.