IRS Increases Gift Tax and Estate Tax Exclusions for 2018
Finally!! It Has Been Five Years!! Beginning in 2018 The IRS will increase the Gift Tax Annual Exclusion from $14,000 to $15,000 Per Gift. Estate Tax Limitations are Increasing, Too.
Beginning in 2018, you can now gift up to $15,000 per recipient per year without eating into your Estate Tax exemption. Married couples will be able to gift $30,000 to each individual donee.
Estate Tax Exemptions are going up in 2018 as well. The new exemption will increase from $5,490,000 to $5,600,000. When properly planned, a married couple will be able to move $11,200,000 to their children without any implementation of estate tax.
This information is what we know will happen. There are, as you have probably heard, some adjustments in the tax code afoot. We are watching for you and will let you know right here when more information is concrete.