The IRS released Revenue Procedure 2014-61 establishing taxation thresholds for a number of transaction types. In estate and gift tax planning, the following numbers are important for 2015.
- In 2015, a cumulative GIFT from Parent to Child of $14,000 or less is non-taxable.
- In 2015, a cumulative GIFT between Spouse to a Non-Citizen Spouse of $147,000 or less is non-taxable.
- In 2015, the Lifetime Exemption is increased to $5,430,000.