Each person may gift up to $13,000 per individual per year in 2010. A married couple may gift up to $26,000 per individual per year in 2010. These amounts are exempted gifts. Each person is allowed $1 million lifetime gifting. If more than $13,000 is gifted to one individual in one year, the person making [...]
Tag Archives: annual gift tax
August 20, 2009
What is a Gift Tax Annual Exclusion?
The Gift Tax annual exclusion in 2009 is $13,000. This allows an individual to gift up to $13,000 of cash property per year to each child (or any other person), free of any gift tax. If you are married, you can gift $26,000 per year, per person tax-free. This could be from your property, your [...]
