Last week the IRS issued Rev. Proc. 2012-41, which, among other things, announced that the 2013 annual gift tax exclusion amount will increase for the first time since 2009 to $14,000 per gift to a non-spouse, and the annual gift tax exclusion amount for gifts made to a spouse who is not a U.S. citizen will increase to $143,000, up from $139,000 for the 2012 tax year. Gifts to a spouse who is a U.S. citizen remain exempt from gift taxes due to the unlimited marital deduction.
In addition, the value of gifts received from foreign corporations or foreign partnerships, which must also include gifts received from foreign persons related to the foreign corporations or partnerships, must be reported on IRS Form 3520 if the gifts exceed $15,102 in 2013, up from $14,723 in 2012.
- What is the Gift Tax and Who Pays It?
- What Gifts Are Subject to the Gift Tax?
- Are Gifts to Your Spouse Taxable?
- What is an Annual Exclusion Gift?
- Annual Exclusion From Gift Taxes: 1997 - 2013
- What is the Lifetime Exemption from Gift Taxes?
- Lifetime Exemption From Federal Gift Taxes: 1997 - 2013
- Gift Tax Exclusion: Annual Exclusion vs. Lifetime Exemption
- Do You Have to Report Gifts or Inheritances Received from Foreigners?