Gifting Limits Unchanged

December 24, 2014 / Taxes

The annual contribution amount excluded from gift tax remains at $14,000 for each designated beneficiary and $28,000 for each designated beneficiary for married couples who elect to split gifts on their gift tax returns.  This applies for both tax years 2014 and 2015.

For more details, visit the IRS website at http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes