Does a new year mean new changes to the Federal Gift Tax? Siedentopf Law has the answer in our latest video.
Transcript: Hi, I’m Sarah Siedentopf. I’m an estate planning and probate attorney in Atlanta, Georgia. Now that we’re in 2019, you may be wondering what the 2019 gift tax is. It actually stayed the same. In 2018, the Federal gift tax exemption limit was $15,000 and it is still $15,000 in 2019. What this means practically speaking is that you can give an individual $15,000 without needing to report it to the IRS and supposing you are married and had a child, you and your spouse could give them $30,000 because each of you can give $15,000 or supposing that you wanted to give your child and their spouse $15,000 each, you could give them either $15,000 each from you or $30,000 each from you and your spouse without needing to report it to the IRS. Georgia doesn’t have a gift tax return at all. So you don’t need to worry about Georgia, but in 2019, the Federal gift tax exemption amount is still $15,000. If you’ve got questions about how you can give gifts to your children or other loved ones during lifetime. I’d be glad to talk to you. Thank you.