Tax Law Update

Inflation Adjustments for 2009 Revenue Procedure 2008-66 was released Oct. 16, 2008, making the following adjustments: Annual Gift Exclusion The annual gift exclusion rose from $12,000 to $13,000 for gifts made after Jan. 1, 2009. Gifts to Non-citizen Spouse The first $133,000 of gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) are not