Tax Guru – Ker$tetter Letter

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Annual Gift Exclusion

Posted by taxguru on March 22, 2008

Q:

Subject: Tax Free Gift

The maximum tax free gift for 2007 was $12,000 per individual. Is this the same for 2008?

 

Thank You.

 

A:

 Yes it is.

By law, this figure is only allowed to be increased in even $1,000 increments; so it takes a number of years’ worth of cumulative inflation before it is bumped up.

Kerry Kerstetter

 

 

This entry was posted on March 22, 2008 at 11:29 AM and is filed under Gifting. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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