Written by attorney Michal S. Lipshitz


Under Federal law, a person can gift up to $15,000 per person, per year, without having to report the gift on a Gift Tax Return (Form 709). This is called the annual exclusion amount. Any gifts in excess of this amount must be reported on the return, but there will not necessarily be a tax due. Under Federal law, each person is afforded an $11.4 million lifetime gift and estate tax exemption (up from $11.18 in 2018). A person can give up to $11.4 million during their lifetime or after death without incurring a tax. The $15,000 annual exclusion will not be counted towards the exemption. Additionally, the recipient of the gift does not pay a tax on the gift.

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