The amount of money or property (currently $10,000 for an individual and $20,000 for a married couple) that may be given as a gift to a recipient each year without incurring a gift tax. The amount will be indexed for inflation after 1998.
The right under the Internal Revenue Code to exclude from gift tax the first $10,000 given in any year by one person to another ($20,000 if spouse consents to splitting the gift). Non-taxable gifts also include payments for tuition or medial expenses paid directly to an educational institution or to the provider of medical services.
The maximum amount that a person is allowed to give another person without incurring Federal gift tax. The current annual exclusion is $10,000 per year per recipient. There is no limit on the number of these gifts you can make to different people in a year. To qualify, a gift must be of a "present interest," meaning that the recipient can make use of the gift immediately, and the donor must not have any control over the asset after it is given.
an annual amount that can pass to an individual free of gift tax.
A tax rule that permits a person to give gifts valued up to $10,000 to any number of people each year, free of federal gift tax.
The amount of property the IRS allows a person to gift to another person during a calendar year before a gift tax is assessed and/ or a gift tax return must be filed. The amount is increased periodically. There is no limit to the number of people you can give gifts to which qualify for the annual exclusion. To qualify for the annual exclusion, the gift must be one that a recipient can enjoy immediately and have full control over.
Each individual can give away up to $11,000 per recipient per year without gift taxes. Not all gifts qualify for the annual exclusion; only outright gifts or gifts to certain types of trusts qualify.
Every person is permitted to give away up to $10,000 per year to any other person without incurring any gift tax. There is no limit on the number of people you can make these gifts to in a year. To qualify for this xclusion, the gifts must be a gift of a present interest, meaning that the recipient can enjoy the gift immediately. This can present problems when you make gifts to trusts. This exclusion can be doubled to $20,000 per person, per year, if you're married and your spouse consents to join in making the gift. This is called gift splitting. These amounts are indexed for inflation.
An exclusion from taxes for monetary gifts on an annual basis. The annual exclusion is currently $11,000 per donor, per recipient, per calendar year.
A donor's exclusion of $10,000 per donee per year for gifts of a present interest.
Up to $10,000 per year that a person is allowed to give to another person without being subject to a gift tax. Tuition and health care expenses may also be excluded if paid directly to the provider. Married couples can give up to $20,000 per year. Amount allowed indexed to inflation, but is still $10,000 as of 2001.
Amount you can give someone each year without having to file a gift tax return or pay a gift tax. Currently $11,000 per recipient ($22,000 if married). The amount of tax-free gifts is tied to inflation and may increase from year to year.
An exclusion from gift taxes for gifts by each donor to each donee, which is available on an annual basis. The annual exclusion is currently $10,000 per donee (and is indexed for inflation), per calendar year. That is, a couple with three children could give $60,000 per year tax free to the next generation. In order to qualify for the annual exclusion, the gift must be a "present interest" i.e., a gift available immediately to the donee as opposed to one not available until the future or one requiring the consent of some other person.
The amount of property (presently $11,000 or $22,000 for a married couple) that may annually be given to a donee, regardless of the donee's relationship to the donor, free of gift tax. Only gifts of present interests qualify for the annual exclusion. Pursuant to the Taxpayer Relief Act of 1997, beginning in 1999, but using 1997 as the base year, the gift tax annual exclusion will be adjusted annually for inflation, rounded down to the nearest $1,000.
The annual amount a donor may gift per recipient (up to $11,000 in 2002 or $22,000 if spouse joins) as indexed for inflation and free of tax as long as the gift represents a present interest in the property (i.e., the recipient must have an immediate right to use the property).
The amount of a gift exempt from federal transfer taxation. Currently it is $10,000 annually for gifts to any one person. This can be increased to $20,000 if the donor is married and the donor's spouse elects to split the gift on a timely filed gift tax return.
A present interest gift of $10,000 that may be given each year to any number of individuals without being subject to federal gift tax.
The annual exclusion allows an individual to give up to $10,000 per year, per recipient, without paying gift tax or using any of the unified credit. The amount of the annual exclusion is adjusted annually for inflation.
The gift amount given to any individual or any number of individuals tax free.
Tax rule that allows a taxpayer to exclude certain kinds of income from taxation.
