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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > gift tax
Expert: John Kirk, CPA
Date: 9/2/2008
Subject: gift tax
Question
My CPA said that the gift tax exemption is $13,000 this year. Every place I looked on-line has said $12,000. Which is right?
Answer
For 2008 the exclusion is $12,000, the rate for 2009 has not been determined as of yet, but since it hasn't been adjusted since 2005, the exclusion will probably be $13,000 in 2009. The exclusion is adjusted annually by inflation in $1,000 increments.
John Kirk, CPA
www.johnkirkcpa.com
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