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There are two different IRS limits that affect how much an individual can give to another without a gift tax being imposed: an annual exclusion and a lifetime exclusion. In 2014, the annual limit is not changing, while the lifetime limit is increasing.<\/p>\n
During 2014, one may give up to $14,000 to each recipient before having to file a gift tax return, the same limit as in 2013. Spouses can double the size of a gift by combining their exclusions. This is a per-person exclusion, so a married couple could give $28,000 to an adult child, another $28,000 to the adult child’s spouse, and another $28,000 to each of their grandchildren.<\/p>\n<\/p>\n
One may still make a payment for someone, for instance tuition or medical expenses, without the amount counting as a gift.<\/p>\n
Giving more than the annual limit to an individual does not necessarily mean that one will owe a gift tax. Any amount (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" There are two different IRS limits that affect how much an individual can give to another without a gift tax being imposed: an annual exclusion and a lifetime exclusion. In 2014, the annual limit is not changing, while the lifetime…<\/span><\/p>\n