NEW GIFT TAX AMOUNT

In 2013, the amount that you can gift without filing a gift tax return has increased from $13,000 to $14,000. If you give more than this amount, you are required to file a return; however, in most cases, this gift will still be free from gift taxes. Although this amount is adjusted for inflation, it does not change until the amount increases by more than $1,000. Therefore, the next increase will be to $15,000 and this will probably take three or more years assuming current inflation rates.