President Jimmy Carter, an advocate of the program, said that his mother, who had served as a nurse in the program, had one of the most glorious experiences of her life in the Peace Corps. In 1979, he made it fully autonomous in an executive order.
So a couple will be able to give away $10.86 million tax-free in 2015 (assuming they havenât made prior lifetime gifts). Totally separate from the lifetime gift exemption amount is the annual gift tax exclusion amount. Itâs $14,000 for 2015, the same as 2014, up from $13,000 a year in 2013. You can give away $14,000 to as many individuals as youâd like. A husband and wife can each make $14,000 gifts.
Every year, individuals are permitted to give a specified amount to as many individuals as they wish, tax-free. For the year 2013, the gift tax exclusion is $14,000 per recipient. This means that, in 2013, a single person can gift $14,000 to each of an unlimited number of recipients.RS Gift Tax Limits Increased for 2013. One of the most commonly ignored tax documents is Form 709. This form, which must be filed along with a personâs income taxes on on April 15, is used to assess the federal gift tax.