Tag Archives: gift tax exclusion

IRS Raises Limit on Tax-Free Transfers

Estate Planning Woodland HillsAs many estate planners anticipated, The Internal Revenue Service has raised the limit on tax-free transfers during life or at death.  Beginning in 2015 that amount, known as the basic exclusion, will increase to $5.43 million per person, up from $5.34 million this year.  This announcement, in Revenue Procedure 2014-61, indicates there will be no change in the annual exclusion, allowing you to give $14,000 in cash or other assets each year to as many individuals as you want without using the basic exclusion. The annual exclusion gifts don’t count towards the lifetime gift exemption. Another tactic is to fund a Continue reading