Gift Tax

[brickbat]

State: Calif.
A. What, if any, federal forms are required for gifting of less than $10,000 in one year to an individual?
B. If no forms are required, does this gift reduce the ultimate $675,000 exemption at death?
C. If forms are required, ditto question B ?

 

[ELNbluemax2]

A...no form required

B...form needed for amount over 10,000.

C...amount in excess of 10,000 reduces the
exemption.