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.
gift tax
Annual Gift Tax Exclusion Increases in 2013
All individuals have the opportunity to give gifts annually to any person without having to file a gift tax return. For 2012, the amount of the annual exclusion is $13,000. This means that anyone can give a gift of up to $13,000 to any person for any reason without worrying about possible gift tax implications. A married couple can double this amount to $26,000. In 2013, this annual exclusion amount will increase to $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 2012, the lifetime exclusion amount is $5,120,000. This lifetime exclusion amount is one of the tax law provisions that is set to expire at the end of 2012, along with the other “Bush Tax Laws”. If allowed to expire, the lifetime gift tax exclusion amount will revert to […]
Sterling Raskie, MSFS, CFP®, ChFC®
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