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Law Office of James D. Lynch, PLLC

3000 Joe Dimaggio Blvd #90, Round Rock, TX 78665

info@jimlynchlaw.com

(512) 745-6347

(714) 745-3875

©2020 by Law Office of James D. Lynch, PLLC. The information contained in this website is for informational purposes and is not to be considered legal advice.  Any correspondence between you and the Law Office of James D. Lynch is not intended to create an attorney-client relationship.  Please do not send confidential information to us until after an attorney-client relationship has been established by an engagement letter signed by the proposed client and our attorney.

  • James D. Lynch

Gift tax exclusion increases to $15,000 in 2018

The annual exclusion for gifts increases in 2018. An individual can give up to $15,000 per person per year without incurring a gift tax. This is up from $14,000 in 2017.


An individual who gives away more than $15,000 in a year to a single recipient is subject to the gift tax on the amount that exceeds $15,000.


The gift tax is owed by the giver of the gift, not the recipient. Recipients generally never owe income tax on gifts of any amount.