IRS Increases Limit for Tax – Free Gifts

In the Revenue Procedure 2013-35, the IRS announced that itwould be raising the limit on tax-free transfers. Beginning in 2014, the basicexclusion (the limit on tax free transfers) will increase to $5.34 million perindividual. Despite this increase, no changes have been made to the annualexclusion that permits individuals to give $14,000 in assets annually to asmany people without running into the basic exclusion.  

See Deborah L. Jacobs, IRS Raises Limit On Tax – Free Lifetime Gifts , Forbes,  Oct. 31, 2013.