Annual Exclusion

Business, Legal & Accounting Glossary

Definition: Annual Exclusion


Annual Exclusion


Full Definition of Annual Exclusion


The maximum amount that a person is allowed to give another person without incurring Federal gift tax. The current annual exclusion is $11,000 per year per recipient. There is no limit on the number of these gifts you can make to different people in a year. To qualify, a gift must be of a “present interest,” meaning that the recipient can make use of the gift immediately, and the donor must not have any control over the asset after it is given.


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https://payrollheaven.com/define/annual-exclusion/
Modern Language Association (MLA):
Annual Exclusion. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
December 03, 2021 https://payrollheaven.com/define/annual-exclusion/.
Chicago Manual of Style (CMS):
Annual Exclusion. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/annual-exclusion/ (accessed: December 03, 2021).
American Psychological Association (APA):
Annual Exclusion. PayrollHeaven.com. Retrieved December 03, 2021
, from PayrollHeaven.com website: https://payrollheaven.com/define/annual-exclusion/

Definition Sources


Definitions for Annual Exclusion are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.