Dec. 17, 2024
Does Santa Have to Pay Gift Taxes? (Episode 311)
Ever wondered if Santa's sleigh full of gifts comes with a side of IRS paperwork? In this festive and thought-provoking episode, we explore whether the jolly old elf is subject to gift taxes.
Ever wondered if Santa's sleigh full of gifts comes with a side of IRS paperwork? In this festive and thought-provoking episode, we explore whether the jolly old elf is subject to gift taxes.
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Well, good afternoon, Michiganers. It is Tuesday, December seventeenth, twenty
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twenty four. That means one week to finish your Christmas shopping.
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And of course, this is Tuesday with Tom, Michigan's only
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weekly Internet show where we answer your questions about estate
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planning and a state settlement in Michigan, and we don't
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send you a bill. I'm your host, Tom, a state
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planning attorney, lifelong Michigan resident, an ambassador for all things
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good in this great state of Michigan. Welcome, Welcome to
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today's program. Will a brief recap of the last episode.
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Have you sent your crummy letters? If you have an islet?
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And if you have one, you will likely know what
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that means, But for those who don't know what it means,
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that's an irrevocable life insurance trust. I discuss the importance
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of the annual crummy letter that needs to be sent
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in order to avoid text issues with the irs. If
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you have an islet, double check to make sure that
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your crummy letters have been sent, and if you have
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any questions about that, I invite you to listen to
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last week's episode. Well today, one week to go before
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Christmas today's topic, does Santa have to pay gift taxes?
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Please remember though that what I'm about to discuss during
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the program is, as always for educational purposes. It is
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not intended to be legal advice. You need to work
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with your attorney and your tax advisor to determine what
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is appropriate for you and your estate plan. So does
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Santa have to pay gift tax as well? Number one?
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Obviously Christmas, here we're looking at making gifts, So we're
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talking about oftentimes people make gifts just for the sake
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of making gifts to their friends, their families, their loved ones.
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Might be birthdays, might be holidays, might be graduations, or
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it might just be because they want to give something
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to somebody. And another reason that oftentimes clients are going
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to be making gifts is they're using it as a strategy,
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if you will, to reduce the size of their estate.
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Perhaps they have a federal estate tax problem where their
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estate is larger than the current federal estate tax exemption,
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which in twenty twenty four is thirteen point six million.
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Next year that is going up to thirteen point nine million.
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But unless something changes in Washington, d C. At the
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end of twenty twenty five that's going to be dropping
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down to five million. I've had previous episodes of the
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program where I've talked about the federal estate tax exemptions,
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and if that's a concern for you, I invite you
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to listen to those. But oftentimes it's going to be
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a gifting strategy that people might start using to shrink
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the size of their estate. They might start making annual
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gifts to their children. And currently the annual gift tax exemption,
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that's the amount that the IRS says that you can
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give anybody as many people as you want to. You
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can give them up to eighteen thousand dollars a year,
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and you don't have to worry about gift taxes on
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that eighteen thousand. Now that's a total eighteen thousand, not
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just each gift eighteen thousand. So if you were to
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give somebody eighteen thousand dollars in January one, had you
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done that, technically you weren't supposed to be making any
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birthday gifts, Christmas gifts, whatever happens to be during the
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rest of the year. Now that annual gift tax exemption
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is going to go up to nineteen thousand dollars next year,
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so many clients might start gifting away in interest in
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their estate, maybe providing eighteen thousand dollars gifts to their children.
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Oftentimes at the end of the year. There is no
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limit to the number of individuals you can make those
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gifts too, so you could give eighteen thousand dollars a
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year to as many people as you wanted to do.
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I actually had a client this goes back a number
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of years ago, when the federal estate tax was much
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lower the exemption amount, and he had a federal state
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tax issue, and part of my strategy for him was,
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why don't you just start making gifts to all of
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your congressmen and your congress women, because if you don't
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do that and shrink the size of your state, your
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money's going to end up going to the federal government.
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Anyhow Well, he didn't quite agree with that strategy, but
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it was something that could have been considered. Spouses married people,
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you can split the gift. That What that means is
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each spouse has an eighteen thousand dollars exemption. That's thirty
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six thousand dollars between the two spouses, or thirty eight
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thousand dollars in twenty twenty five, and it could be
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just a gift from the one spouse of the entire
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thirty six thousand, but it will be considered a split
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gift between both spouses. So you can start making some
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headway in oftentimes shrinking the size of your state, or
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if you just want to be making gifts to people. Now,
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the problem with a gift tax is it's a graduated
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scale and it tops out at forty percent, and nobody
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wants to pay a forty percent gift tax. So what's
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required when you make gifts that exceed that in this
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year eighteen thousand dollars a year, You now have to
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file a gift tax return. That's a return that's part
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of your annual tax return that's going to be filed
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in April. And on that gift tax return, you are
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going to have to report the amount of gifts that
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you made that exceeded that eighteen thousand dollars per person.
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So you'll have to report those gifts to the irs,
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and on that return you have to make a choice.
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You have to choose I will pay the gift tax now,
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meaning there'll be a calculation made as to how much
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the gift tax would be on the graduated scale, and
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you'll simply pay that tax. The alternative to that is
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to say, I'm going to defer paying the gift tax
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until I die, and then we will apply the amount
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of that gift against my overall annual federal estate tax
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exemption amount. Meaning what if you were to be making
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these gifts and they exceed the eighteen thousand, but at
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the time of your death, if it would be in
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this year, your total federal estate tax or your total
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estate including all those gifts that you made, doesn't it
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seed six thirteen point six million dollars. You're never going
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to pay a tax, but you still have to file
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the return. You still have to say to the IRS, Look,
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I'm making this gift. It exceeds the eighteen thousand, but
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I'm going to defer it and then will do the
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calculation at the time of my death based upon what
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my federal estate is worth at that time. Now, there's
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also some good news concerning if you've listened to previous
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episodes of this that when that currently scheduled federal estate
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tax exemption of thirteen point six this year thirteen point
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nine next year drops down to five million, the IRS
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still says all of these gifts that you made during
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your lifetime. Even though they've exceeded the five million, you
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can still apply them towards the amount that was available
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to you in the year that you made the gifts,
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so you could, in theory, by year's end, give away
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thirteen point six million dollars this year, file your gift
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tax return reporting the thirteen point six million, deferring that
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until you die, and if you didn't die until twenty sixteen,
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and if the federal estate taxemption goes down to only
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five million, you won't get punished for that. You will
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still be allowed to use that federal estate tax exemption
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amount that was available when you made the gift that
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you were relying upon. That. But bottom line, there can
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be tax considerations that Santa needs to be aware of
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in making gifts. Now we're not talking about charitable giving.
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That's a whole different conversation. We're just talking about gifts
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to individuals, friends, family members, just individuals.
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As that we're talking about.
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Now, there are some other options that Santa should also
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be aware of, and that is one spouses and this
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is us. Spouses can give an unlimited amount to their
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spouse without having to report it to the irs, without
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having to pay a gift tax on it without having
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to do the gift tax return. So I could give
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my spouse an unlimited amount of assets and that would
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not be a taxable gift. It would not be a
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reportable gift that I have to make. But again, that's
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going to be US spouses. If I have a non
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US spouse, that's going to be a different calculation, a
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significantly less calculation. I think currently it's a neighborhood of
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one hundred and seventy five thousand dollars or something like that,
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So it's a much less amount that can be given
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to non US spouses. Another exemption, and this might be
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something that Santa thinks about. If Santa is looking at
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paying college expenses for children, grandchildren, cost of higher education.
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If you were to pay directly to the college or
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university cost of higher education for say a child or grandchild,
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that is an unlimited amount. So if I have a
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grandchild that's going to go to let's say Michigan State University,
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and I choose to pay the tuition to Michigan State
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University directly to the university for my grandchild, that is
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an unlimit that is not a taxable gift. That I
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need to report to the IRS. But the key is
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it has to be paid directly to the university. So
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you can't give the money to your child and then
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have your child pay it, or is your grandchild that
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simply you're making payment directly.
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To the university.
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Another exception, if you will, is uncovered medical expenses. Let's
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say you have a friend a family member has some
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large outstanding medical expenses or is incurring significant medical expenses
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and you want to help them. You can pay an
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unlimited amount directly again to the provider of the service,
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and that is not going to be a taxable gift.
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So again some exceptions between us spouses, cost of higher
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education and to cover unpaid medical expenses. Now, speaking of college,
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you might be familiar with a five to twenty nine plan.
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I've talked about five twenty nine plans in previous episode.
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That's where you're going to be putting money into an
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account a five to twenty nine plan for use of
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let's say your child to go to college one day
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or a grandchild to go to college one day. Michigan
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has their mi I Saves, which is their five to
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twenty nine plan. You can front load a five to
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twenty nine plan with five years of gifts. What does
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that mean? You could look and say, hey, I'm going
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to go set up befour years end a five twenty
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nine plan for my child or my grandchild. I'm going
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to take that eighteen thousand dollars that I can give
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this year. I'm going to multiply that by five and
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that is the amount that I can actually put into
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that five to twenty nine plan this year. Again, married people,
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we can double that five times. Thirty six thousand is
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the amount that could be put into a five to
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twenty nine plan this year, all at once. Now what
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you need to understand, though, is you're front loading the
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five twenty nine plan really to get it started. It
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also means, oh that you cannot then be making gifts
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for the next four years into that five toy nine
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plan because you've already frontloaded with five years of gifts.
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But if you were looking at your end considering setting
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up an educational plan for a grandchild or child, and
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you really want to jump start it and set aside
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some significant dollars into that plan, you can front load
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it with five years worth of gifts, and now five
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toenty nine plans a little bit different because you can
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actually use some of it for high school and so,
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and some of it can actually be used to pay
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student loans. So if that's a thought that you have,
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you might want to explore it further and see what
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options you have with a five twenty nine plan. So
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those are some of the exceptions, if you will, or
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the primary exceptions to the individual gifts that we're normally
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talking about. Now, some considerations, some considerations are these, and
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it's something that people offer times don't think about, don't
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actually think about gifts. Let's say I'm sitting here and
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I'm saying I've got a home and I'm going to
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make my home jointly owned with my son Johnny. Well,
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a lot of people never stop to realize is in
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doing that, that is a gift. I've given Johnny something
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that Johnny didn't already own. I e an interest in
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my home. And if that interest in my home exceeds
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again eighteen thousand dollars this year for an individual, that
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is a taxable gift. That is a gift that needs
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to be reported on a gift tax return. That tax return,
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you're going to make that election about paying the tax
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now or deferring it until your death. Clients do this
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all the time as part of an estate planning strategy.
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They think that's what they should do. They put their
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child on their house with them, or maybe they just
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gift the home outright to the child, different different situations,
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not stopping to realize what did they do? They just
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made a taxable gift that exceeds eighteen thousand dollars. Now,
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let's say that's something that you want to do and
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it's going to exceed eighteen thousand dollars. Another option for you,
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if you don't want to have to file the gift
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tax return, is to consider annual gifts of a eighteen
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thousand dollars interest in the property. So you take how
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much is the property worth. Let's say it's one hundred
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thousand dollars. I'm going to give you eighteen thousand dollars
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worth of that one hundred thousand dollars this year, and
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then next year, I'm going to do the same thing.
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Next year, I'm gonna do the same thing, and over
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time you can end up giving the entire property while
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