Lexis Explanation IRC Sec. 2503(b)

Summary

• IRC § 2503(b)
  Taxable Gifts
  Exclusions from Gifts
  Synopsis
  •  I.In General
  •  II.Number of Annual Exclusions Allowed
  •  III.Present Interest Requirement
  •  IV.Gifts in Trust, In General
  •  V.Gifts in Trust, Withdrawal Rights
  •  I. In General

    The Code allows an annual per person exclusion from the gift tax. The amount allowable has varied from time to time. Currently the annual gift tax exclusion amount is $10,000 as adjusted for inflation.(1) The IRS publishes a revenue procedure each year that specifies the inflation adjusted amount. Inflation adjusted gift tax annual exclusion amounts from 2009 to 2024 are:

    	Years	Exclusion Amount
    	2009 - 2012	$13,000(2)
    	2013 - 2017	$14,000(3)