The annual gift-tax exclusion rises to $17,000 per person in 2023, up from $16,000. A married couple with two kids and four grandchildren could give $203,000 tax-free in a single year. The lifetime estate-tax exemption also increases to $12.9 million for wealthy families.
These are some tax changes you'll see in 2023. One change will be that the annual gift tax exclusion goes up from $16,000 to $17,000. This means that you can give $17,000 in 2023 to as many people as you want to, and you will not have to file a gift tax return. If you give any one individual more than $17,000 in 2023, you will have to file a return, but there will not be any tax owed unless you go over your lifetime exemption of $12 to $13 million. So if you've got money you need to get rid of and you have a lot of kids and grandkids, this a good way to do it. Let's say you and your spouse have 2 kids and 4 grandchildren. Each of you can give each of those people $17,000. That's $34,000 per child or grandchild, a total of $203,000. There aren't a lot of people with that kind of money to give away, but if you do have that, it's a good way to do it. And then the wealthiest families in the country get more of a tax break as the lifetime estate tax exemption goes from a little over $12 million to $12.9 million. If you're a couple, you can join those
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