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

[DoninGA]

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

[GeorgeDenseff]

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]

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]

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@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?

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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]

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

[DoninGA · Accepted solution]

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@21norman02 wrote:

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

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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]

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@21norman02 wrote:

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

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

[AncientGeek]

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