Financial gifts to others

[connie333]

What is the name of your state (only U.S. law)? PENNSYLVANIA


Hey Friend-----I'm back!!!

How much can a person GIFT to another person each year? In other words, is there one certain amount regardless of the number of person/persons getting the money or can you gift the same amount to several persons?

Thanks AGAIN! Happy St. Patty's Day!!!

 

[anteater]

There is no limit to the amount gifted or the number of people to whom gifts are made. However, the person giving the gift has the responsibility of filing a gift tax return for any gifted amount to any one person in excess of $13,000 per year.

But, each person is allowed to make reportable gifts of $1 million during their lifetime before actually having to pay a gift tax. And, if that person is unlikely to eventually be subject to the estate tax, then even using part of that $1 million exemption won't mean much.