Table of Contents
What was the gift tax in 2013?
Federal Estate and Gift Tax Rates, Exemptions, and Exclusions, 1916-2014
| Year | Estate Tax Exemption | Maximum Gift Tax Rate |
|---|---|---|
| 2011 | $5,000,000 | 35% |
| 2012 | $5,120,000 | 35% |
| 2013 | $5,250,000 | 40% |
| 2014 | $5,340,000 | 40% |
What was the gift tax exclusion in 2014?
$14,000
The annual gift exclusion for 2014 remains $14,000. See Annual Exclusion, later. For gifts made to spouses who are not U.S. citizens, the annual exclusion has increased to $145,000. See Nonresidents not Citizens of the United States, later.
What was the gift tax in 2012?
The Annual Gift Tax Exclusion for 2012 is $13,000. For example, in 2012 you could give $13,000 each to your son, your niece and your nephew without incurring any federal gift tax. The federal gift tax rate in 2012 for a gift over $13,000 to any one person is 35%.
What was GST exemption 2013?
The gift, estate, and GST tax exemptions were $5 million in 2011. The exemptions are indexed for inflation, resulting in exemptions of $5.12 million for 2012, $5.25 million for 2013, $5.34 million for 2014, $5.43 million for 2015, $5.45 million for 2016 and $5.49 million for 2017.
What was the gift tax in 2015?
Totally separate from the lifetime gift exemption amount is the annual gift tax exclusion amount. It’s $14,000 for 2015, the same as 2014, up from $13,000 a year in 2013. You can give away $14,000 to as many individuals as you’d like. A husband and wife can each make $14,000 gifts.
Can each parent gift 15000 to a child?
Parents can give up to $15,000 per year, per child in 2021 before using their lifetime gift tax exemption.
What was the federal estate tax exemption in 2013?
$5.25 million
The American Taxpayer Relief Act of 2013 set the estate tax exemption at $5.25 million for 2013 (effectively $10.5 million for a couple), and indexed that level for inflation in future years. It set the top rate at 40 percent.
What was the lifetime gift exemption in 2012?
In addition, the increase in exemption allows individuals (regardless of the size of their estate) to make gifts during their lifetime of up to $5,120,000 before December 31, 2012, without incurring a gift tax.
What is the gift tax rate?
18% to 40%
If you’re lucky enough and generous enough to use up your exclusions, you may indeed have to pay the gift tax. The rates range from 18% to 40%, and the giver generally pays the tax. There are, of course, exceptions and special rules for calculating the tax, so see the instructions to IRS Form 709 for all the details.
What was the gift tax rate in 2016?
For 2016, the estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax.
What was the gift tax in 2017?
2017 Annual Gift Tax Exclusion The annual federal gift tax exclusion for 2017 has not changed from 2016 and remains $14,000. If a person makes gifts of $14,000 to 4 different people, none of the gifts are considered taxable by the federal government.