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21norman02
Level 3

Is there a change in the gift tax for 2022? Can a couple give $30K to a relative in 2021?

 
1 Best answer

Accepted Solutions
DoninGA
Level 15

Is there a change in the gift tax for 2022? Can a couple give $30K to a relative in 2021?


@21norman02 wrote:

So a husband and wife CAN give a total of $30K to a relative with no tax consequences??


Yes.  The husband can give $15,000 and the wife can give $15,000 to the same individual without having to file a Form 709 with the IRS.

There would be no tax consequences until the Lifetime exclusion of all gifts ever given of $11.7 million was exceeded in 2022.

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8 Replies
DoninGA
Level 15

Is there a change in the gift tax for 2022? Can a couple give $30K to a relative in 2021?

The annual gift exclusion is $15,000 per individual for tax year 2021.

GeorgeDenseff
Level 8

Is there a change in the gift tax for 2022? Can a couple give $30K to a relative in 2021?

In 2022, you can give $15,000 each to two different persons.  A husband and wife with four children could gift each child $15,000.  Because each person will be allowed to make two $15,000 gifts.

21norman02
Level 3

Is there a change in the gift tax for 2022? Can a couple give $30K to a relative in 2021?

The question is, will the law change from the $15K limit in 2021 to a new amount in 2022?  Can a husband and wife give a total of $30K to a family member and the total be exempt this year?

DoninGA
Level 15

Is there a change in the gift tax for 2022? Can a couple give $30K to a relative in 2021?


@21norman02 wrote:

The question is, will the law change from the $15K limit in 2021 to a new amount in 2022?  Can a husband and wife give a total of $30K to a family member and the total be exempt this year?


There has been No legislation passed which would change the amount of gift that can be given in 2022 from the current exclusion amount of $15,000 per individual per year.

21norman02
Level 3

Is there a change in the gift tax for 2022? Can a couple give $30K to a relative in 2021?

So a husband and wife CAN give a total of $30K to a relative with no tax consequences??

DoninGA
Level 15

Is there a change in the gift tax for 2022? Can a couple give $30K to a relative in 2021?


@21norman02 wrote:

So a husband and wife CAN give a total of $30K to a relative with no tax consequences??


Yes.  The husband can give $15,000 and the wife can give $15,000 to the same individual without having to file a Form 709 with the IRS.

There would be no tax consequences until the Lifetime exclusion of all gifts ever given of $11.7 million was exceeded in 2022.

tagteam
Level 15

Is there a change in the gift tax for 2022? Can a couple give $30K to a relative in 2021?


@21norman02 wrote:

The question is, will the law change from the $15K limit in 2021 to a new amount in 2022?


No one has any clue as to what the annual gift tax exclusion (or lifetime limit) will be in the 2022 tax year.

AncientGeek
Level 2

Is there a change in the gift tax for 2022? Can a couple give $30K to a relative in 2021?

Update:

 

As of November 10th, the IRS has issued guidance for 2022.

 

"The annual exclusion for gifts increases to $16,000 for calendar year 2022, up from $15,000 for calendar year 2021."

 

https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022

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