2014 Federal Gift Tax Annual Exemption Amount

 

For tax year 2014, the annual gift tax exemption remains at $14,000. Therefore, the first $14,000 of gifts to any one person is NOT included in the total amount of taxable gifts.

You can give gifts to a spouse who is NOT a citizen of the United States up to $145,000 (other than gifts of future interests in property) and exclude them from the total amount of taxable gifts.

If you are a U.S. person RECEIVING aggregate foreign gifts exceeding $15,358, you must file an information return with the IRS.

The annual gift tax exclusion amounts do NOT apply to gifts of a future interest. For example, a gift of a "remainder interest."

For 2014, a person can generally make lifetime gifts (above the exemption amount) totaling $5,340,000 without incurring gift tax.