What Is the Annual Gift Tax Exclusion?

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WHAT IS THE ANNUAL GIFT TAX EXCLUSION?
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Taxes on Gifts
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There is a tax on gifts that you give while you
are living
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Most people don't pay the gift tax because there
is an annual gift tax exclusion
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Exclusion Details
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The annual gift tax exclusion amount is 14,000
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You can give gifts to any number of people
within a calendar year tax-free as long as they
don't exceed 14,000 PER PERSON
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Gift Splitting Combining Individual Exclusions
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If you are married you have a 14,000 exclusion,
and your spouse has a 14,000 exclusion
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• As a couple you could combine the two and give as
  much as 28,000 tax-free to any number of gift
  recipients within a calendar year

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Marital Deduction
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You don't have to use your annual gift tax
exclusion to give tax-free gifts to your spouse
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There is an unlimited marital deduction
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• This allows you to give tax-free gifts to your
  spouse without constraint

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Subject to Change
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This 14,000 figure that we are using is in
place for 2014
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It is subject to change to account for inflation
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It can also be changed via legislative mandate
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Larger Transfers
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To transfer larger amounts in a tax efficient
manner you must employ advanced wealth
preservation strategies
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Reno Wealth Preservation Consultation
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If you would like to discuss tax efficient asset
transfers with a licensed estate planning
attorney contact our firm to schedule a free
consultation
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If you live in northern Nevada give us a call at
775-823-9455 WILL to make an appointment
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If you live in northern Nevada give us a call at
775-823-9455 WILL to make an appointment
Or visit our website
www.Wealth-Counselors.com