How much money does the IRS say can be gifted to an idividual?

Question

How much money does the IRS say can be gifted to an idividual?

Answer 1

Dear Pat,

  This is still a sort of free country, so the IRS, nor any other government alphabet soup agency, can tell you how much to give anyone.  There is, however, a gift tax law, created by Congress, and administered by the IRS, that provides for a tax on donors of large gifts.  Any gift of more than $12000 in a year, may be subject to gift tax, if it exceeds the lifetime exclusion amount of $1 million.  

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Answer 2

There's no limit on what can be gifted.  If one person gives another person over $12,000 in gifts in a calendar year, the giver has to file a gift tax return, and might or might not owe a gift tax on the gift.  Usually the giver wouldn't owe tax - only if they have given over a million dollars in gifts over the limit in their lifetime.

Answer 3

Read about gifts and gifts tax

Read http://taxipay.blogspot.com/2008/03/us-g...

Answer 4

No limit

Answer 5

There is no limit.  Anything over $12K per year may have tax consequences for the giver.

Answer 6

You can give as much as you want but if you give over $12,000 to any one person in one year, a gift tax return must be filed.