IRS Raises Gift Tax Limit for 2013

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IRS Raises Gift Tax Limit for 2013

by Frank L. Brunetti on November 26, 2012

Some business owners and high net-worth individuals facing significant tax uncertainty are taking advantage of the existing gift tax law as a strategy for transferring wealth to new generations. However, the Internal Revenue Service announced the inflation adjustments for 2013, which raises the current gift tax limit.

At present, Americans are permitted to gift up to $13,000 without triggering a tax, or $26,000 for married couples filing jointly. Under the 2013 adjustment, this allowance will rise to $14,000, or $28,000 for joint filers, the increase of which may benefit business owners who utilize the gift tax law as a succession strategy for passing assets to company associates or relatives.

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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.

© Frank Brunetti, Scarinci Hollenbeck | Attorney Advertising

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