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.
Second, gifts in excess of the annual exclusion may still be tax-free up to the lifetime estate basic exclusion amount ($5,340,000 in 2014, $5,430,000 in 2015), although for estates over that amount such gifts might increase estate taxes.