Gift Tax Annual Exemption Amount for Tax Year 2010

For tax year 2010, the annual gift tax exemption remains at $13,000. Therefore, the first $13,000 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 $134,000 (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 $14,165, you must file an information return with the IRS.

For 2010, a person can generally make lifetime gifts (above the exemption amount) totaling $1,000,000 without incurring gift tax.

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