If a Father wants to give the maximum an annual gift to his grandson in 2017, the tax-free exclusion is: |
The IRS has announced that the annual gift tax exclusion is increasing next year due to inflation. After five years of being stuck at $14,000, the exclusion will be $15,000 per recipient for 2018 — its highest point ever.
To illustrate how it works, suppose you have three adult children and seven grandchildren. In 2017, you could give each family member $14,000 — for a grand total of $140,000 — without owing any gift tax. In 2018, you could give $15,000 to each recipient for a total of $150,000.
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