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{"id":12730,"date":"2014-03-27T04:01:05","date_gmt":"2014-03-27T04:01:05","guid":{"rendered":"http:\/\/www.seonewswire.net\/2014\/03\/irs-raises-lifetime-limit-for-tax-free-gifts-2\/"},"modified":"2014-03-27T04:01:05","modified_gmt":"2014-03-27T04:01:05","slug":"irs-raises-lifetime-limit-for-tax-free-gifts-2","status":"publish","type":"post","link":"http:\/\/www.seonewswire.net\/2014\/03\/irs-raises-lifetime-limit-for-tax-free-gifts-2\/","title":{"rendered":"IRS Raises Lifetime Limit For Tax-Free Gifts"},"content":{"rendered":"

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There are two different IRS limits that affect how much an individual can give to another without the imposition of a gift tax: an annual exclusion and a lifetime exclusion. In 2014, the annual limit is not changing, but the lifetime limit is increasing.<\/p>\n

During 2014, one may give up to $14,000 to each recipient before having to file a gift tax return, the same limit as in 2013. Spouses can double the size of a gift by combining their exclusions. This is a per-person exclusion, so a married couple could give $28,000 to an adult child, another $28,000 to the adult child’s spouse and another $28,000 to each of their grandchildren.<\/p>\n

One may still make a payment for someone, including for tuition or medical expenses, without the amount counting as a gift. <\/p>\n

Giving more than the annual limit to an individual does not necessarily mean that one will owe a gift tax. (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There are two different IRS limits that affect how much an individual can give to another without the imposition of a gift tax: an annual exclusion and a lifetime exclusion. In 2014, the annual limit is not changing, but the…<\/span><\/p>\n

Read more ›<\/a><\/div>\n

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