Publication 950

Publication 950

A form published by the IRS explaining gift taxes and estate taxes. The form discusses exemptions and limits to these taxes, as well as how to file a return if they are payable.
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The estate tax has been eliminated for 2010, unless Congress decides to change the law retroactively, and the gift tax top marginal rate has decreased to 35% (IRS Publication 950).
A married couple may give the same individual a total of $26,000 (IRS Publication 950, Introduction to Estate and Gift Taxes, for 2009).
IRS Publication 509, Tax Calendars, defines a gift of future interest as "a gift that is limited so that its use, possession, or enjoyment will begin at some point in the future." Thus, a grandparent who won the lottery could purchase securities for grandchildren, but the gift would be taxable (IRS Publication 950).
Also, IRS Publication 950, "Introduction to Estate and Gift Taxes," is a good place to start for some basic information.