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.
Related information about annual exclusion:
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The amount of money that may be transferred by gift from one person to another each year without incurring a gift tax or affecting the unified credit. This amount ...
- Publication 950 (10/2011), Introduction to Estate and Gift Taxes
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Aug 1, 2012 ... Gifts that are not more than the annual exclusion for the calendar year. Tuition or ... The annual exclusion applies to gifts to each donee. In other ...
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Jul 2, 2012 ... For amounts given in excess of the annual exclusion amount, every individual has a lifetime exclusion amount, against which the excess gifts ...
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Jul 3, 2012... opportunity to give gifts annually to any person without having to file a gift tax return. For 2012, the amount of the annual exclusion is $13000.
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Oct 25, 2012 ... The Crystal Ball (Photo credit: Wikipedia) Nobody has a crystal ball. I've sat through presentation after presentation (and given a couple myself) ...