Posted 3/27/2015 12:54 (#4480359 - in reply to #4480229) Subject: RE: So jakescia.................
That's right. $14,000 applies for 2014 and 2015. Be aware your son has a basis of zero for that equipment if it is fully depreciated. So if he sells it or trades it, he will have a capital gain.
The gifts under $14,000 do not reduce your $5.43M lifetime exemption.
May want to get an appraisal to support the FMV gift amount if you're ever audited.
So jakescia.................
