gifts&taxes

What is the highest amount of money I can give any person without anyone paying any taxes?

Answer #1

The following gifts are not taxable gifts.

  1.   Gifts that are not more than the annual exclusion for the calendar year.
  2.  Tuition or medical expenses you pay for someone (the educational and medical exclusions).
  3.  Gifts to your spouse.
  4.  Gifts to a political organization for its use.

The annual exclusion for gifts is currently $12000 per person. If the financial gift exceeds this amount, and isn’t covered by numbers 2, 3, or 4 above, the recipient of the gift is responsible to file it on their return.

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