Sentences with phrase «gift tax exclusion allows»
The annual gift tax exclusion allows you to make an annual donation of up to $ 14,000 to your charity of choice.
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The annual federal gift tax exclusion allows you to give away up to $ 14,000 in 2017 to as many people as you wish without those gifts counting against your $ 5 million lifetime exemption.
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Making a split gift allows you to take advantage of your annual gift tax exclusion plus your spouse's exclusion for a gift that is made entirely by you.
The Internal Revenue Service (IRS) allows individuals to gift property without federal tax consequences as long as it falls within the guidelines for the annual gift exclusion.
Current federal law allows each citizen to transfer a certain amount of assets free of federal estate and gift taxes, named the «applicable exclusion amount.»
This election allows you to make a lump - sum contribution up to five times the annual exclusion amount of $ 75,000 per beneficiary in one year and elect to treat the contribution as if it was made ratably over five years avoiding federal gift tax liability, as long as you make no other gifts to the same beneficiary for the next five years.