The annual gift tax exclusion amount has increased for the second straight year. The IRS raised the exclusion amount for 2023 to $17,000 per recipient, up from $16,000 per recipient in 2022. In the recent past, adjustments...more
Each year US citizens may make “annual exclusion” gifts under Internal Revenue Code § 2503(b). In 2020, the amount an individual can pass without using any of his or her exclusion from estate and gift tax is $15,000, or...more
Please see Chart below....more