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Home >> Definition: Annual Exclusion Gift

Definition: Annual Exclusion Gift

June 7, 2011 by Robert Kulas. Leave a Comment

While the federal government does impose a gift tax, not every gift is taxable. There are a number of exclusions and exemptions that shield gifts from taxation, and one of these is the annual exclusion.

When you transfer property, including money, to anyone other than your spouse, you can give up to a certain amount each year without having to file a gift tax return, and without that transfer being considered by the IRS for gift tax purposes. For 2011, the annual exclusion amount is $13,000. So, each individual taxpayer is allowed to transfer a maximum of $13,000 to each recipient of his or her choosing, gift-tax free. A married couple can combine their exclusions and give up to $26,000 per recipient.

Why does the annual exclusion not apply to spouses? If your spouse is a citizen of the United States, you’re allowed to transfer an unlimited amount of property to him or her, gift-tax free. If your spouse is not a U.S. citizen, there’s a separate annual limit. For 2011, that limit is $134,000.

It’s important to note that the annual exclusion only applies to gifts of a present interest in property. This means property that is transferred in its entirety to the recipient during the tax year in question. Gifts of a future interest in property, where the recipient won’t get complete ownership and control of the property until some point in the future, don’t fall under the annual exclusion.

Filed Under: Estate Planning, Taxes Tagged With: gift tax

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

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Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

default image
Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

default image
Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

default image
L.G.K.
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