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Annual exclusion

The maximum amount that a person is allowed to give another person without incurring Federal Gift tax. The current Annual exclusion is $11,000 per year per recipient. There is no limit on the number of these gifts you can make to different people in a year. To qualify, a gift must be of a " present Interest," meaning that the recipient can make use of the gift immediately, and the donor must not have any control over the Asset after it is given.

Related Terms: 15 Asset, Annual exclusion, CLU, ECI, Exclusion, Fed, Gift tax, Interest, Inc., Low, Mean, Owe, Rent, Ring, Tax
Other Related Pages: Category: Taxes Starting With: A
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