Tax free gift amount
Terry
Has the amount changed under the new tax laws as to how much is allowed to be given tax free? It was $14,000 per person per year. Thank you for your help.
Terry Says
Yes, after being stuck at $14,000 since 2013, starting in 2018 the annual gift tax exclusion amount is $15,000. That means you can give $15,000 to any number of people without including it in your total lifetime estate and gift tax amount (now $10 million!). The people who receive the gift do not have to pay taxes on it. And you do not have to file a gift tax return — no matter how many $15,000 gifts you give this year!
