- The annual exclusion remains at $14,000. This is the maximum amount that one person can give to another person in one year without having to file a gift tax return. For gifts above that amount, a return must be filed but no gift tax is owed so long as the total reportable gifts by one person over his or her lifetime is less than the gift tax exemption amount.
- The estate tax, gift tax, and generation-skipping exemption amounts are increased to $5.45 million for persons dying in 2016.
Thursday, December 10, 2015
2016 inflation adjustments announced
The IRS has issued its year-end update on adjustments to certain dollar limits for 2016.
Subscribe to:
Posts (Atom)
-
The Lion Cub deed is an elusive creature. It is fleetingly mentioned on the web sites of some Michigan estate planning and real estate attor...
-
The 2019 SECURE Act made a major modification to post-mortem distributions of funds from IRAs and qualified retirement accounts to non-spous... -
We recently posted our commentary on the use of a so-called “lion cub” deed, noting that two or more people who are granted ownership of re...