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Tax Deductions Blog

2014 Inflation Adjustments - You May Gift $14,000 Tax-Free (Grandma, are you reading this?)

Authored by Amy E. Ebeling
Amy E. Ebeling
Attorney
Wausau Office

Posted on January 2, 2014
Filed under Tax Deductions

The Internal Revenue Service announced in October 2013 the annual inflation adjustments for a variety of tax provisions including tax rates, standard deductions, limitations for itemized deductions, and exclusion amounts. Fortunately for children and grandchildren alike, a taxpayer may gift $14,000.00 per year per person without paying any taxes. Accordingly, a married couple with three children could gift each child $28,000.00 thereby reducing their estate by $84,000.00 without paying a dime in tax. Tax-free gifting is a great way to reduce your estate to ensure it is below taxable thresholds upon your passing. Please contact your favorite Ruder Ware estate planning attorney to learn more about tax-free and tax-deferred estate planning techniques.