Gifts are great to receive, but after a certain amount, those gifts are taxable to the giver. To determine the maximum gift without tax, you will need to know the different calculations, as well as what applies.
Up to 13,000 dollars may be gifted to any one person without a tax consequence. The actual amount may vary annually, but the Internal Revenue Service will post what their gift tax rules are for that year. If you are married, then the annual limit doubles because it is from a couple, not an individual.
Just because you give more than 13,000 dollars does not mean you will have to pay any taxes on it. It does mean that you will need to fill out a Form 709 to report the gift. If you exceed the annual gift tax exclusion amount, you will use the lifetime limit credit. This credit takes the leftover amount you have given that year, and keeps a tally. Once you reach 5.12 million dollars in taxable gifts, you no longer have to pay taxes on them. For some, this helps them keep under the taxable amount by allowing them to give their children less than 13,000 dollars annually over many years. This way the lifetime limit, or unified credit, is not used.
Gift taxes do not have a maximum amount when it comes to giving spouses financial support. You are allowed to give your spouse as much money as you desire throughout the year with no penalties, unless your spouse is not a citizen of the United States. For questions and qualifications on that, you will want to talk to a tax preparer.
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