Q:

Can gifts from 2014 be claimed as tax exemptions?

A:

Quick Answer

Taxpayers are exempt from the federal gift tax for individual gifts of up to $14,000 in 2014 and 2015, according to TurboTax. Married couples who share assets can exempt gifts of up to $28,000. Federal tax law requires that gift donors, rather than the recipients, pay any applicable taxes.

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Full Answer

While the annual tax exemption for individual gifts is $14,000, donors who haven't reached the lifetime gift maximum of $5.34 million can give more money without incurring taxes, TurboTax explains. In that instance, a donor who delivers an individual gift of $50,000 takes the annual $14,000 exemption, and the remaining $36,000 counts against his lifetime maximum.

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