What is the maximum $$ can I give to family members, tax free yearly?

Question

Can I give from my wife AND I.

Answer 1

Mathew gives you correct info.  You and your wife can each give $12K per year to anyone without having to pay a gift tax.  But that does NOT mean that you can deduct the gift from YOUR tax return, it just means you don't have to pay EXTRA for giving the gift.

Ninasgramma's info on the lifetime exemption is also good info, except that the lifetime exemption for gifts is currently $1 million..

Answer 2

The number you are looking for is $12,000.  However I get the impression that you believe that you are allowed to avoid income tax on that money.  That is not the case.  If you have $124,000 of reportable income and you give me and my wife $12,000 each you still have $124,000 of reportable income.  The only thing you have avoided is file a gift tax return (IRS Form 709).  If you have $124,000 of reportable income you can not give yourself and your wife $12,000 each to arrive at $100,000 of reportable income.  The only gift that is deductable from your reportable income is one to a 501C(3)registered charity and some governmental agencies..

Answer 3

Gifts between spouses are not taxable events.  No tax is owed, and of course there are never tax deductions for gifts to family members.

You and your wife have a lifetime gift and estate tax exclusion of $2 million (which may change in the future).  This means you can give up to this amount during your lifetime with no gift tax paid.  When you die, gifts plus your estate which exceed the exclusion are subject to tax.  This is a simplification, you should consult an estate planner if this applies to you.