What is the maximum amount of money to gift to someone without being taxed?

Question

If the amount to gift is more than $12,000, such as $24,000 can two $12,000 checks equaling to $24,000 be given to the recipient without paying gift tax,

Answer 1

$12,000 per recipient per year. Gifts can be split between husband and wife to get it to $24,000. Gifts from a married couple (parents) to a married couple (child and spouse) $48,000. Then there is a lifetime $1,000,000 exemption that can be claimed by having the donor's accountant file a form 709 if the gift exceeds the above limits.

Answer 2

If a person gives any one other person over $12,000 in a calendar year, the giver must file a gift tax return. It doesn't matter whether the gift was given all at once, or in any number of separate checks and times. You could give the person $12,000 one year and another $12,000 the next January though, and not have to file a gift tax return for either year.

Filing a gift tax return does not necessarily say that any tax is due. Each person gets a million dollar lifetime exemption from gift taxes. You can apply some of that to the extra amount. If you do, it could affect how much of your estate is taxable for estate taxes, but unless your estate is likely to be very high it won't make any difference.

Answer 3

You can give up to $12,000 per recipient per year without having to file a Gift Tax return. You can give to an unlimited number of recipients, by the way. However, it's much more complex than that.

If you exceed the $12,000 limit for any one recipient then a Gift Tax return is required. The amount over $12,000 then is applied to your unified lifetime credit which is currently $1 million. Until you use up that unified lifetime credit, no Gift Tax will be due. Any credit used there also will reduce your estates Estate Tax exclusion dollar for dollar so heavy gifting can affect the taxable status of your estate.

So, the REAL answer is: At least $12,000. But maybe more, and maybe a LOT more, up to $1,012,000 if you are OK with using up the unified lifetime credit all at once.

Answer 4

$12,000 per year per person. After that amount the giver would have to file a gift tax return, but they do have a $1,000,000 exclusion that they can use up before having to pay any tax. I've attached some links to irs articles regarding gift taxes.

A married couple could give $12,000 per person to another married couple, and the total amount given as a gift could amount to $48,000 in that case. For example a father could give to his son or daughter $12,000 and an equal amount to that person's spouse. That would total $24,000. The mother could also give the same amount to each and that would also total $24,000. So in total they could give $48,000 as a gift without being taxed.

Answer 5

You may give an individual $12,000 a year without filing a gift tax return. If you give more than $12,000 to an individual in a year, you are required to file a gift tax return. You may never be taxed because the amount is accumulated against your unified lifetime credit (which is $1,000,000). If you exceed the lifetime limit while living you will be taxed. If you pass away before reaching the lifetime limit, your estate may be taxed because the the gifts that exceed the annual limit are accumulated and reduce your estate tax exclusion dollar for dollar.

Answer 6

$12,000. Husband and wife may split their gifts and give $24,000 per donee.

Answer 7

If I'm reading the IRS site correctly, it's $12,000. Here's what I was reading:

http://www.irs.gov/newsroom/article/0,,id=107815,00.html