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
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