How much money can a person give away in a year without running into tax or legal problems?

Answer 1

The amount is now $12,000 per person per year as of 1/1/2006. If you give over this amount, YOU must pay taxes...not the person to whom you give the gift.

Answer 2

Dear Robert,
In my country, income tax is applicable and everyone trying to get rid from it. If your wife is not working, there are few % of your salary safe from being taxed. For those who earning less than 2.5k, they are not taxable.

If you want to get rid from the the tax, go for the internet business which requires less of your time and the one that will not make you feel headache with web designing, or which require IT knowledge. Second, choose the internet based company which offer you the opportunity and at the same time giving you the convenience to start the business. Third, choose the business, which does not require big money to start it.

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General Information:
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Remember, You CAN'T guarantee whether you will get many fish or not by spreading your net into the sea, but u CAN guarantee that there is no fish at all if you never spread your net into the sea.

Answer 3

You can give away an unlimited amount of money, but you have to divide it up amongst multiple recipients. Generally gifts of up to $11,000 do not bring any tax consequences.