Does anyone know what the 2015 gift tax exclusion is for 2015? I checked at the
========================================= MODERATOR'S COMMENT: The link you provided says that the annual exclusion is "$14,000 on or after January 1, 2013...."
Does anyone know what the 2015 gift tax exclusion is for 2015? I checked at the
========================================= MODERATOR'S COMMENT: The link you provided says that the annual exclusion is "$14,000 on or after January 1, 2013...."
The annual inflation adjusted factors should be announced within the next 7 to 10 days in an information letter and published in a revenue procedure in Mid-Nov. The annual gift tax exclusion uses $1000 increments. 1998's $10,000 exclusion is the base year. The IRS rounds DOWN to the nearest $1000. 2009 was the jump to $13000 from $12000. It stayed there for four years and jumped to $14000 in 2013. Given the low inflation and the rounding down formula, it is highly likely that the
2015 exclusion will remain at $14000 (the third year at that rate).
The 2013 exclusion amount was announced on IRS Newswire (IR-2012-78) on Oct 18, 2012. The 2014 exclusion amount was announced on IRS Newswire (IR-2013-87) on Oct 31, 2013.
So I'd conclude the 2015 amount will be announced any day now. It is an annual Revenue Procedure.
Thanks to all for the comments. Looks like I need to wait a few weeks and then check back on the IRS.gov site to find the 2015 limits.
$14K See:
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