$5.34 Million And Counting…

November 15, 2014 - Posted by: admin - In category:

taxes - No Responses

In a move that surprised no one, the IRS recently increased the basic exclusion amount to $5.43 million for calendar year 2015.

Through Revenue Procedure 2014-61, the Internal Revenue Service followed its recent precedent of a yearly increase of the basic exclusion and also specified that there will be no increase or change in the annual exclusion, which is currently set at $14,000 (this means you can give away up to $14,000 in cash and/or other assets each year to whomever you desire to make such a gift without making a “taxable gift” and without needing to tap into your basic exclusion amount.”

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