Now open: Africaâs first underwater hotel room. Okay, hotel room might be a slight understatement, as this place is more like a three-story private island: Catch rays on the top deckâs cushy daybed, chill out in the dining/ living area on the water deck, and sleep with the fishes. Depth: 13ft.
That means that in 2016 you can bequeath up to $5 million dollars to friends or relatives and an additional $5 million to your spouse tax-free. In 2017, the federal gift tax and estate tax will be combined for a total exclusion of $5 million. If you give away money, that will lower your lifetime taxable estate. Gifts that exceed the yearly exclusion also lower your overall estate tax exemption. Based on the example above, the same gifts would lower your lifetime estate tax exemption by $24,000. Gifts under $13,000 do not affect your estate tax exemption.
Rating Newest Oldest. Best Answer: 1. The receiver of the gift does not pay any tax. So you can receive gift of any amount without filing gift tax return. 2. If your parents are U.S. citizen or resident, then they can each give a gift of $12,000 in a year to any number of persons without any gift tax.So both parents can give you $24,000 in a year.3. If your parents are foreign person, then they can send you any amount.. If your parents are U.S. citizen or resident, then they can each give a gift of $12,000 in a year to any number of persons without any gift tax. So both parents can give you $24,000 in a year. 3. If your parents are foreign person, then they can send you any amount.