The IRS increased the gift exclusion and estate and gift tax exemptions for 2024. Beginning January 1, 2024, an individual may gift up to $18,000 per year, per donee without needing to report that gift to the IRS. This exclusion is a $1,000 increase from 2023. The unified estate and
The IRS has announced the new gift exclusion and estate and gift tax exemptions for 2023. Starting January 1, an individual may give up to $17,000 per year, per donee (up from $16,000) without having an obligation to report that gift to the IRS. The unified estate and gift tax
The Federal estate and gift tax exemption is $12.06 million per individual for 2022, an increase from $11.7 million in 2021. The Federal gift tax annual exclusion has also increased to $16,000 per donee. The exclusion was $15,000 for 2018 – 2021. For more information, click here. Maryland does not
Clients often consult us before making substantial gifts. We find that many of these clients have similar misunderstandings about the tax implications of sizable gifts. These misunderstandings frequently stem from statements by family, friends, or even other professionals. The following is our attempt to answer and simplify some common gift
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