If I give a monetary gift to anyone, how much that should be to avoid taxes. And if that gift is returned to me will I be giving any taxes on it?
Also, how much can money can I deposit in my account during the year to avoid taxes including montary gifts?
Until December 31, 2012, you can leave up to $5 million. You would need to file a gift tax return, but there would be no gift tax on it. After January 1, 2013, you could leave $14k per person.
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I hope this helps!
Right now the exempt amount is $14,000. That is, any gift to any individual for less than $14,000 does not require you to pay gift tax. If a gift is returned, you lack one of the elements of a gift, which is acceptance. I do not understand the deposit issue.
Some confusion here. The annual present interest gift from any donor to any Donee is $14,000 per year. But a donor's lifetime exemption is $5,120,000, Which is over and above the annual present interest gift exclusions. gifts to trusts generally do not qualify for this $14,000 annual exclusion.
"If I give a monetary gift to anyone, how much that should be to avoid taxes. And if that gift is returned to me will I be giving any taxes on it? "
Technically, no. But if you expect a return "gift," then it is a loan as far as the IRS is concerned.
"Also, how much can money can I deposit in my account during the year to avoid taxes including montary gifts? "
You cannot deposit any money into a bank account to avoid paying taxes. If it is income, then it is income regardless of whether you deposit it in a bank account. It is income when you earn it. Where you choose to put your post-tax income is your choice.
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