Use this annual exclusion by December 31

November 8, 2016 Written by

Under current federal tax law, in 2016, you can take advantage of an annual exclusion to give up to $14,000 to as many individuals as you want without paying gift tax. If you’re married and your spouse joins in the gift, you can, as a couple, elect to give $28,000 to each person with no gift tax liability. If you plan to make gifts this year, remember that your gifts must be completed by December 31.


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Written by: Doug Rodrigues