What Is the Maximum Gift Amount Allowed by the IRS?

What Is the Maximum Gift Amount Allowed by the IRS?

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.

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.