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The limit on tax-free gifts is $14,000 per person, as of 2015, according to the Internal Revenue Service. Any amount over this is subjected to gift taxes. More »

www.reference.com Business & Finance Taxes

Individuals can make gifts to anyone they choose, including their children, in amounts up to the Internal Revenue Services' annual exclusion without being at risk of paying gift taxes, according to Intuit. For tax year 2... More »

www.reference.com Business & Finance Taxes

The main reason for the institution of the gift tax is to prevent individuals from giving away their estates to a select group of people tax-free, reports Intuit. However, and in keeping with this rationale, small gifts ... More »

www.reference.com Business & Finance Taxes
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As of 2015, tax laws stipulate that the annual exclusion for gifts of money is $14,000 per person, per calendar year, according to the Internal Revenue Service. When gifting money, the donor is typically responsible for ... More »

www.reference.com Business & Finance Taxes

A person can gift money to a family member without paying tax by not exceeding the basic exclusion amount, notes the official web site of the Internal Revenue Service. The basic exclusion amount is a lifetime limit that ... More »

www.reference.com Business & Finance Taxes

The IRS requires that individuals providing others with gifts pay a tax, unless special arrangements are made so that the receiver bears financial responsibility for the remittance, according to the Internal Revenue Serv... More »

www.reference.com Business & Finance Taxes

IRS Form 709 is used to report taxable gifts to distribute the lifetime use of a person's generation-skipping transfer tax exemption, explains Julie Garber for About.com. The deadline to file the form is April 15 of the ... More »

www.reference.com Business & Finance Taxes