Under the new tax law enacted effective January 1, 2018, Congress doubled the gift, estate and generation-skipping transfer (GST) exemptions to $11,180,000. The gift tax annual exclusion for 2018 also increased to $15,000 per donee.
$11,180,000 estate/gift tax exclusion, $15,000 annual tax-free gifting amount
Daniel Gray CPA US Tax Services Toronto Canada