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annual exclusion

noun

Definitions of annual exclusion

  • the maximum amount of money, property, or other assets that a person is allowed to give another person each year as a gift without having to pay US federal gift tax

    "There are gift tax implications for large gifts above the annual exclusion amount, which for 2014 is $14,000 per person."

Phrase Bank for annual exclusion

Additional Notes for annual exclusion

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