The Southeastern Conference (SEC) is an American college athletic conference whose member institutions are located primarily in the Southern part of the United States. Its fourteen members include the flagship public universities of eleven states, two additional public land grant universities, and one private research university.
In that case, according to todayâs announcement, the yearly limit on tax-free gifts to him or her next year is $147,000, up from $145,000 for 2014. Additional gifts to a non-citizen spouse count against your $5.43 million basic exclusion.
Further, gift givers can subtract amounts greater than $14,000 from a lifetime exemption amount (without having to pay taxes on it). This is known as the unified credit. This amount was $5.43 million per person in the 2015 tax year, and is $5.45 million in the 2016 tax year. However, givers must report these gifts to the IRS by filing a gift tax return, or Form 709. Keep in mind, however, that tapping your unified credit reduces the amount that can be excluded from your federal estate tax when you die.