Annual gift tax exclusion amount 2016

Each spouse must file a separate return if he or she makes any taxable gifts.
If youre married, your goibibo flight discount citibank spouse is entitled to a separate.18 million exemption.
Contributions to a 529 college savings plan are gifts to the future student.Spouses cannot file joint gift tax forms.Special Rules for Spouses Who Are Not.S.However, you may not have to pay the gift tax.Call us at (248) or complete our online form to set up your free consultation.The amount is occasionally increased to keep pace with inflation.In 2016, the amount is 148,000.You can give away 14,000 to as many individuals as youd like.By treating it as a split gift, you can completely shelter the gift with your 15,000 exclusion plus your spouses 15,000 exclusion.

For a non-citizen spouse, there is an annual exclusion.Making a split gift allows you to take advantage of your annual gift tax exclusion plus your spouses exclusion for a gift that is made entirely by you.However, the federal gift tax law in the Internal Revenue Code applies to everyone in all states, including Michigan.Special rule for 529 plan contributions.Gifts in any amount made within five years preceding a Medicaid application can affect benefits.They include: Gifts that total 14,000 or less to a specific individual.However, if your spouse is not.S.That is because the.
The top federal estate tax rate.

Updated for Tax Year 2018, overview, if you make large enough gifts to relatives or friends, you might owe the federal gift tax.