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Submitted 356 days ago...

sassypipemwn

sassypipemwn

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Are you allowed one major tax deduction in a lifetime?

I was told that a story on 60 mintues reveled that a taxpayer can claim one major tax deduction in a lifetime and it can be anything..

 
 
 
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Submitted 355 days ago...

andrew

andrew

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I'm not familiar with this. Just searched for it online, but did not find any related information. Are you talking about "gift tax".

http://www.groco.com/readingroom/estate_gifttaxlaw.aspx
The gift tax law allows a one time transfer from your estate of up to $1 million. Therefore, you can gift $1 million from your estate and your spouse can gift $1 million from her estate without being subject to a gift tax.

Link above has a lot more information.

 

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