$135 billion of reported gifts for 2012 nearly tripling 2011 levels
Posted by William Byrnes on January 28, 2014
Yesterday, the IRS Tax Stats Dispatch (#2014-2) included the link for the summation of data from all 2012 Gift Tax Returns. (see http://www.irs.gov/uac/SOI-Tax-Stats—Total-Gifts-of-Donor,-Total-Gifts,-Deductions,-Credits,-and-Net-Gift-Tax)
Interestingly, the total reported gifts of 2012 of approximately $135 billion was substantially more than double the 2011 year of approximately $51 billion, and previous years before that. The significant pickup in reported gift giving over the last several years compared to 2012 is in the category $1 million and larger gifts.
Will be interested to read your comments as to why this may be ? By example, is this the result of the now settled Estate and Gift tax rates ? Is it a result of the timing of retiring baby boomers wealth transfer to the next generation of their progeny? Is it charitably driven ?
Were financial planners prepared for the planning of this more than doubling of gifts to future generations and for charitable / legacy purposes?
Use Comments below.
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Tax status and size of taxable gifts, current period [1]
|
Total gifts [2] | Total annual exclusions | Total included amount of gifts | Total deductions [3] | Taxable gifts, current period [4] | |||||
| Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | |
| All returns, taxable and nontaxable | 258,393 | $134,846,285,766 | 244443 | 11794733033 | 191816 | 123051555062 | 5606 | 8120138820 | 190401 | 114968624890 |
| $0 | 67992 | 5822167968 | 67680 | 4054653753 | 1415 | 1767514212 | 1415 | 1767514212 | 0 | 0 |
| Less than $2,500 | 7612 | 362423498 | 6528 | 233021040 | 7612 | 129402627 | 24 | 119914708 | 7612 | 9487920 |
| $2,500 under $5,000 | 7433 | 412615201 | 7075 | 262415929 | 7433 | 150200871 | 407 | 123,960,592 | 7433 | 26240997 |
| $5,000 under $10,000 | 9294 | 563330627 | 8934 | 321839948 | 9294 | 241490859 | 264 | 172533814 | 9294 | 68957045 |
| $10,000 under $25,000 | 26161 | 1366229180 | 25611 | 924979071 | 26161 | 441250106 | 217 | 17,630,195 | 26161 | 423619911 |
| $25,000 under $50,000 | 23829 | 1731665895 | 22746 | 796632342 | 23829 | 935033551 | 397 | 84434152 | 23829 | 850599399 |
| $50,000 under $75,000 | 13048 | 1239385141 | 12504 | 400229648 | 13048 | 839155682 | 17 | 38,557,818 | 13048 | 800621940 |
| $75,000 under $100,000 | 8306 | 996198369 | 7583 | 183011743 | 8306 | 813186628 | 6 | 91,801,097 | 8306 | 721385532 |
| $100,000 under $250,000 | 29570 | 6071771849 | 26863 | 961754449 | 29570 | 5110017617 | 311 | 338746401 | 29570 | 4771297431 |
| $250,000 under $500,000 | 17,470 | $7,519,686,206 | 16193 | 709363682 | 17470 | 6810322321 | 662 | 439160459 | 17470 | 6371161683 |
| $500,000 under $1 million | 16,149 | $12,885,834,594 | 14609 | 773330454 | 16149 | 12112504390 | 390 | 346832003 | 16149 | 11765882467 |
| $1 million or more | 31,529 | $95,874,977,236 | 28117 | 2173500974 | 31529 | 93701476195 | 1497 | 4579053368 | 31529 | 89159370564 |
William Byrnes' Tax, Wealth, and Risk Intelligence 
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