To Gift or Not To Gift

The federal tax code currently exempts Gifts up to $13,000 in aggregate per individual per calendar year. Anything after that is taxable under the current federal tax law.

Individual State exemption tax rules may differ from the Federal law, so confer with a qualified CPA in your State regarding these and other rules.

IRS Link:

http://www.irs.gov/businesses/small/article/0,,id=98968,00.html