| NOTICE
The IRS just announced that beginning January 1, 2024, the Gift Tax Annual Exclusion will now be $18,000 (up from $17,000).
Remember, what this really means is that if you give away more than $18,000 to any person within the year, you trigger a reporting requirement; that is, you are supposed to file a gift tax return but not necessarily pay any tax. You will only pay a tax if during your lifetime you give away more than the Federal gift tax exemption, which as of January 1, 2024, is $13,610,000.
For example, if you wrote a $1 million dollar check to a child next year you would have to file a gift tax return (over $18,000) but pay no tax (less than $13,610,000). |
