Canton, OH asked in Tax Law for Ohio

Q: How much property can you transfer to a non-relative without tax implications?

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1 Lawyer Answer
J. Timothy Bender
J. Timothy Bender
  • Tax Law Lawyer
  • Cleveland, OH

A: The lifetime estate and gift tax exemption amount for 2017 is $5,490,000. The annual gift tax exclusion for 2017 is $14,000 and is unrelated to the lifetime exemption. In other words, the $5.49 million exemption amount is not reduced by annual gifts of $14,000 or less.

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