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Tax Law and Annual Gift Tax Exclusion

Don’t waste the annual gift tax exclusion. You can give up to $15,000 each to a child, grandchild or any other person in 2018 without having to pay gift tax or tap your lifetime estate and gift tax exemption. Your spouse can also give $15,000 to the same donee, making the tax-free gift $30,000. For example, if you are married with four children and seven young grandchildren, you can give up to $30,000 in 2018 to each of your kin without gift tax consequences. That’s $450,000 in tax-free gifts, assuming that you include your kids spouses. Making yearly gifts greater than the $15,000 exclusion amount… $30,000 if married… will trigger the requirement to file a gift tax return for the year. But no tax will be due unless you’ve already made more than $11,180,000 in gifts during your lifetime.

By | 2020-08-18T17:23:59+00:00 November 9th, 2018|Uncategorized|0 Comments

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