@Naseemaltaf wrote:
Isn't it that a Lifetime Tax-exempted Gift Exclusion can be used up to the limit of 11.5Millions?
The answer provided to the original question was from several years ago. When the posts from the AnswerXchange were migrated over to this forum the dates were all changed to 2019. The original answer was for tax year 2016.
For tax year 2020 the exclusion amount is $15,000 for each gift to an individual per year. The Lifetime exclusion is $11.58 million.
