gifting amounts each year
What is the maximum yearly per person giving and maximum per person receiving without tax penalties
Terry Says
There is no tax on a gift — either on the seller or to the recipient. But when you die, your combined estate valuation and significant gifs are combined to see if your ESTATE owes tax. currently if your combined Estate and Gifts exceed $11.2 million, an estate tax could apply. (And many states have a lower limit.)
I think your question refers to the annual allowable gift of $15,000 to any number of people — without being considered a part of your gifts for estate tax purposes. So you can give $15k to anyone, and everyone! And if you’re married, you and your spouse can EACH make unlimited $15,000 gifts in any year. The recipient does not have to report the gift in any way. And he/she can receive any amount of gifts, as long as they are not receipts for services, which would be considered income.
