Is gift tax due on money gifted over $15,000?
Asked on 2/01/21, 11:27 am
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Possibly. If the gift exceeds the annual allowed amount (currently $15,000), excess gets applied against your lifetime exclusion. This exclusion is currently over $11,000,000, so no tax is due until the lifetime amount is used up. Once the lifetime amount is used up, gift tax on gifts that exceed the annual exclusion will be due.
Answered on 2/01/21, 11:32 am