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Gift Tax

In 2020, the first $15,000 of gifts made to a donee in any calendar year qualifies for the “annual exclusion” if the gift is a present interest.  A married couple with a spouse’s consent can make gifts of $30,000 per year per donee without incurring the gift tax.  The annual gift tax exclusion is available only for “present interests”.  An unrestricted right to the immediate use, possession or enjoyment of property is a present interest.