What is the limit on gifting money to relatives?


Quick Answer

A single taxpayer can give up to $14,000 to a relative or anyone else without owing gift taxes, as of 2015. Married taxpayers can give up to $28,000 before owing gift taxes, according to the Internal Revenue Service.

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Full Answer

These are annual limits, which means that donors can give the same amount each year without incurring gift taxes. The limits apply to each individual gift, not the total amount of gifts given in a year, the IRS notes. For instance, married grandparents can give each of their five grandchildren $28,000 a year without owing gift taxes. Some financial gifts, such as money for tuition or medical expenses, aren't taxable regardless of the amount.

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