Gift tax in 2015

The maximum annual amount that can be given to any individual in 2015 without any tax consequences is $14,000.

This does not mean that if you give more than $14,000 to any individual within a year that you owe any tax, only that you will then need to file a gift tax return. You will only owe the gift tax when the total of your lifetime gifts plus the value of your estate exceeds $5 million dollars.

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