IRS Increases Gift Limits in 2018

In 2018, the IRS is increasing the annual exclusion from gift tax. In 2018, the first $15,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts. More simply put, if you make a gift to a person of $15,000.00 or less, you do not have to file a gift tax return.