IRS Raises Annual Exclusion Amounts Effective January 1, 2013

Dear Clients, Colleagues, and Friends, On October 18, 2012, the Internal Revenue Service announced that starting January 1, 2013, the annual amount an individual is able to give to another person free of negative tax consequences, otherwise known as the annual exclusion amount, will be increased from $13,000 to $14,000. When spouses combine their annual exclusions, they will now be able to gift up to $28,000 per individual to as many individuals as they wish without incurring negative tax results. […]

Continue reading