Oct 102012

There is one speck of good news on the tax horizon.  With the looming fiscal cliff, and an expected increase in estate taxes, the amount excludable for gifts is increasing.

Currently, a gift up to $13,000 is excludable, both to the donor and the donee.  In 2013, that amount is set to rise to $14,000.  These amounts are annual.  Therefore, this amount can be gifted to a single person every year.

 October 10, 2012  Posted by at 2:50 pm  Add comments

  2 Responses to “Excludable gift limit set to rise”

  1. thanks for your advisory….what’s your best guess as to what the estate tax exclusionary amount will ultimatley be, and what transfers can be made this year to capitalize, if at all, on the present amount (short of having ti die!)

  2. I think it is very hard to tell at this point. So much depends on the outcome of the election. At this point I do not think anything will happen until January. I do hope that ultimately the estate tax exclusionary amount will be indexed for inflation.

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