Gift Tax Exclusion Amount set at $15,000 for 2018
For 2018, the annual gift tax exclusion amount is set at $15,000. This is an inflation adjusted increase from 2017 when the exclusion amount was $14,000.
The annual gift tax exclusion allows an individual to make a gift of a certain amount to any other individual, without the gift counting against the individual’s lifetime estate and gift tax exemption. The exclusion allows an individual to make such a gift to as many people as that individual desires. Additionally, because the annual exclusion amount applies to each individual separately, a husband and wife could each make a $15,000 gift to the same individual, for a total of $30,000 in gifts in 2018.
If you have any questions about the annual gift tax exclusion or other questions about your estate plan, contact the Crimmins & Kehm Law Firm at 515-573-2191.