For the upcoming tax year the annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012. Any monetary, or tangible gift with FMV, of less 14 thousand dollars does not require a gift tax return to be filed nor is the recipient required to pay taxes on that gift, so let’s start giving gifts to people. Let’s start with gifting them to me. 😉
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