Many people aren’t aware of the fact that, in most situations, there really is no gift tax. Here’s why…
$15,000 Annual Exclusion The federal government gives each of us an allowance to gift anybody $15,000 per year without incurring any gift tax. This $15,000/year replenishes every year, and it’s $15,000 per person. So, theoretically, I could gift every person that I know $15,000 today, and then another $15,000 next year and the year after, and there would be NO gift tax.
$11,180,000 Lifetime Exclusion What most people don’t realize, is that there’s a second allowance of $11.18mm! In other (1 comments)