Gift Tax Annual Exemption Amount for Tax Year 2008

For tax year 2008, the annual gift tax exemption is $12,000. Therefore, the first $12,000 of gifts to any person are 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 $128,000 (other than gifts of future interests in property) and exclude them from the total amount of taxable gifts.

NOTE: If you are a U.S. person RECEIVING aggregate foreign gifts exceeding $13,561, you must file an information return with the IRS.

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