Annual Gift Tax Exclusion To Rise To $14,000 In 2013

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Taxpayers can make annual exclusion gifts of $13,000 each year per recipient, without incurring a gift tax and without using up a portion of their unified credit. This amount was originally at $10,000, and is now indexed for inflation. After spending a few years at $13,000 it is projected to move to $14,000.

This move up is not yet official. Research Institute of America (RIA), a publishing house that serves tax professionals, has crunched the numbers and has made the determination that the increase will take place next year, based on their inflation computations.

 

Published In: Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Charles (Chuck) Rubin, Gutter Chaves Josepher Rubin Forman Fleisher P.A. | Attorney Advertising

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