Gift Tax Exclusion Amount for 2011 remains at $13,000

Posted by on Monday, July 16th, 2012 in Blog

You can give away as much as $13,000 each year to anyone you want, and to as many people as you choose, without any tax considerations. These gifts can be to family members, friends or even acquaintances. There is no dollar limit on how much you can give away with as long as you portion it out in quantities of $13,000. The annual gift-tax exclusion amount is indexed for inflation. We won’t know the 2013 threshold until later. You can’t deduct any such gifts as charitable donations—unless, of course, they go to a qualified charity and you itemize your deductions.

Because gift taxes can be a very complex area, it’s advisable to seek professional advice.

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