IRS Publishes Report on 2005 Gifts
The IRS recently published a report on lifetime wealth transfers in 2005 as disclosed to the IRS on federal gift tax returns. The statistics are interesting to review - for tax and estate planning nerds, anyway. The report also contains a history of the federal gift tax. In 1924 the annual exclusion was only $500!
It is also interesting only 2.9% of gifts are taxable. Also, any idea why so many more women file, compared to men?
RESPONSE: Perhaps because women often survive their husbands and then gift (at least in part) to reduce estate taxes.