Weekly Roundup Nov. 2nd
By Sarah Fielder New Federal Gift Exclusion and Lifetime Exclusion Amounts Announce for 2018
Recently IRS announced that the annual gift exclusion will be $15,000 per person and the lifetime exclusion amount will increase from $5.45 million in 2017 to $5.6 million in 2018. The annual gift exclusion allows a taxpayer to gift up to $15,000 per person taxfree and any amount over $15,000 would be subject to taxes. The lifetime exclusion allows a taxpayer to give up to $5.6 mill