IRS Raises Limit On Tax-Free Lifetime Gifts – Forbes

 

As many estate planners anticipated, the Internal Revenue Service has raised the limit on tax-free transfers during life or at death. Starting in 2014 that amount, known as the basic exclusion, will go up to $5.34 million per person, from $5.25 million this year. Today’s announcement, in Revenue Procedure 2013-35, indicates that there will be no change in the annual exclusion, which allows you to give $14,000 in cash or other assets each year to each of as many individuals as you want without dipping into the basic exclusion.

IRS Raises Limit On Tax-Free Lifetime Gifts – Forbes

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