Year End Gift Giving
December 19, 2008

Q: I want to do some year-end giving to my children and grandchildren. Is there a limitation on how much I may gift per year?

A: Historically, the limitation was $10,000 per year, per donee (person receiving). That amount has been indexed for inflation. For 2008, the limitation is $12,000 per donee.

The bigger news is that for 2009, the limitation has again been raised, this time to $13,000, (see, Revenue Procedure 2008-66 at .30 (Nov. 10, 2008)). So, effectively, you will be able to give as much as $25,000 in the next thirty days to any particular donee. That is a sizable number.

If you have questions, please contact:
Charles B. Jones, Esquire

CJones@TandLLaw.com
(410) 752-2468