Q:

What is the maximum gift amount allowed by the IRS?

A:

Quick Answer

The maximum gift amount allowed by the Internal Revenue Service in 2015 is $14,000, as reported by Forbes. The annual exclusion amount on giving away property is $28,000, according to the IRS.

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Full Answer

There is specific information about what gifts qualify for the annual gift exclusion, explains the IRS. Any gift is a taxable gift, but there are a few exceptions that are listed. These exceptions include gifts to political organizations, gifts to a spouse, tuition or medical expenses a person pays for someone else, and gifts that are not more than the annual exclusion amount. The annual gift exclusion amount may change from year to year based on inflation.

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