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Increase of the Annual Gift Exclusion

March 21, 2018

Anyone is permitted to give to anyone else money every year without filing a gift tax return. It must meet the annual exclusion limit. Since 2013, this amount has been $14,000 per person.

Previously, if you wanted to gift a child money, you could gift her $14,000 and for couples, $28,000 per child. Any amount over required a gift tax return to be filed even though there maybe no gift tax owed.

In 2018, the limit increases to $15,000 person/$30,000 per couple.

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