What is the gift tax limit for the 2014 tax season?


Quick Answer

The 2014 gift-tax exclusion for a single taxpayer is $14,000 for gifts to one individual. A married couple can give up to $28,000 to one recipient, according to TurboTax. These limits apply to individual gifts, although donors can make multiple gifts to different individuals throughout the tax year.

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Full Answer

People can give away more than the annual limit, but the excess counts against their lifetime exclusion of $5.34 million, which is the maximum a person can give away before incurring a gift tax, TurboTax notes. As an example, for a gift of $100,000, $14,000 is tax-free, and the remaining $86,000 counts against the giver's lifetime maximum.

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