Greenfleet Gift Certificates (Photo credit: Greenfleet Australia)
All individuals have the opportunity to give gifts annually to any person, and as many persons as they wish, without having to file a gift tax return. For 2013, the amount of the annual exclusion is $14,000; it remains the same for 2014.
This means that anyone can give a gift of up to $14,000 to any person for any reason without worrying about possible gift tax implications. A married couple can double this amount to $28,000.
In 2014, this annual exclusion amount will remain the same at $14,000 ($28,000 for couples).
For amounts given in excess of the annual exclusion amount, every individual has a lifetime exclusion amount, against which the excess gifts are credited. For 2013, the lifetime exclusion amount is $5,250,000. For 2014, the lifetime exclusion amount for giving is increased to $5,340,000. These are the same exclusion amounts as for estates in 2014.
Sterling Raskie, MSFS, CFP®, ChFC®
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